Who can channel Friedman?

Please read Meltzer’s WSJ column: “Milton Friedman vs. the Fed,” November 4, 2010. One might wish to contrast it with David Wessel, “Channeling Milton Friedman,” US News, October 28, 2010. Perhaps this is a case of too many targets and not enough bullets. In other words, let’s not assign monetary policy the role of fixing an unemployment problem.