"The difference between the Fed’s and the Austrian method here is that the Fed does not have an a priori definition for what constitutes money. It (the Fed) picks data that best correlates to GDP growth and to other credit aggregates. The Austrians approach the data with a definition of money already in mind, which in their eyes is the common medium of exchange or any substitute that can be used as final payment of goods, services, and debts. This is not a matter of preference, but of science. Isn’t it about time that we all stopped looking at the data that is being spoon-fed to us by the criminals?
Naturally, then, an analysis of why money supply growth was low must be wrong if money supply growth hasn’t really been low. So why is price inflation really so low? Well, I have my own ideas… "
(Via.) Mises Daily