But that audit trail narrative misses a large part of the story. A fuller answer must take into account the damaging effects the spending of the money had on prices and wages; on investment patterns and the productive structure of the economy; on the Government’s spending and tax rate decisions; and on the levels of indebtedness of households and firms.
*  *  *  I am very pleased to have the opportunity to come back to Dillon and very grateful for the honor you have done me today. Thank you all very much for your thoughtfulness and your efforts to prepare for this event.