handwave

The leader, an upright, broad-shouldered old man, with snow-white hair, half halts his horse with a handwave of salutation, as he reaches the Imperial Crown Prince, then gallops on with the latter hanging close on his flank.

In this glib handwave by Friedman, the real results are determined independently of money and financing phenomena; given the way monetarists set up the analysis, the rate of growth of money can only affect the behavior of the price level.