Or it may be too much. The fundamental challenge for Alan Greenspan or any central banker is to match the supply of money with the demand for money. Too much supply in relation to demand, and you get inflation. Too little supply in relation to demand, and you get deflation. Sadly, the Federal Reserve has a long and inglorious history of doing just that, as the long-term record of violent inflationary and deflationary episodes all too eloquently attests.
Free markets have an easy time matching supply and demand.
They do it every day in billions of transactions across millions of goods, services, and securities. But government agencies aren't so good at it. The 20th century's dozens of failed experiments with centralized economic planning prove that. Yet in America, the world's most productive and most free economy, we let a committee of political appointees known as the Federal Reserve decide unilaterally how much money there should be. There's no reason to think they will be any better at it than the Soviet Union's farm bureau was at deciding how many potatoes there should be.