Monetarism, you see, has two components. The first is that the central bank should try to control the money supply. In light of the Bank's report that part of the monetarist doctrine is now a dinosaur fit only to be displayed in the museum of failed economic ideas. […] Indeed, this second component of monetarism is one of the primary culprits behind the economic crisis that we have been living through for the past five years.
Source: wiktionary