The test of any great fishing story, I presume, is how much it stretches the truth. It won’t be possible to apply this test to my trout-fishing story with my Uncle Albert because it took place at least fifty years ago. I was not more than eight or nine years old when the family visited South River, Ontario. I can’t recall whether we planned to go fishing. That was probably a last-minute decision made after we arrived, and some genius suggested we do so. Since I was a kid, I had to go along on the trip and the overnight trout-fishing sojourn. I was a city kid and didn’t have much experience with the outdoors and associated perils.

I was driving out to Lake Vaughn with my sales guy Ernie behind the wheel towing his motorboat for an afternoon on the lake. It was a starkly beautiful day, dry, sunny, warm. I rolled down the window on my side and the wind roared in at the perfect temperature. I rolled the window back up and it was quiet. Ernie turned to me and started talking.

“This is my wife’s boat. She’s never going to see it again.”

Between the schools of Economic Thought, there is great disparity of opinion on monetary velocity. First off, no one even knows how to measure it; and it’s clearly fundamental to a group of Thinkers who do not define value, only cash. Nevertheless, there are those who believe that aggregate monetary velocity is greater than one, like in our amusing little anecdote above, and those who do not.