For example, the construction industry has benefited from high land prices encouraged by the Government's policies of liberal money growth.

"The Fed has been gradually reducing money growth for two years."

"And I am not so sure we are going to get rapid money growth on a sustained basis anytime soon."

"They may be waiting because they know that money growth is accelerating," he said.

Indeed, money growth is back within the Federal Reserve's target range.

"We have money growth substantially slower than the economy is growing," he said.

Moreover, although more acute of late, the slowdown in money growth began about four years ago.

Analysts said the big jump was a surprise, but did not indicate any change in the rate of money growth.

To control inflation, we have to get back to stable money growth.

Few analysts are expecting a pickup in money growth anytime soon.