I do not think it is an exaggeration to say history is largely a history of inflation, usually inflations engineered by governments for the gain of governments.
We will never try to develop a strategy that wins on price. There is nothing unique about pricing.
Government is the only institution that can take a valuable commodity like paper, and make it worthless by applying ink.
Imagine believing in the control of inflation by curbing the money supply! That is like deciding to stop your dog fouling the sidewalk by plugging up its rear end. It is highly unlikely to succeed, but if it does it kills the hound.
Someone said that inflation is like jumping off the top of the Empire State Building. The sensation is great as long as you keep on going.
One good thing can be said for inflation: without it there would be no football.
The disease is painless; it's the cure that hurts.
Only one fellow in ten thousand understands the currency question, and we meet him every day.
The nation is prosperpus on the whole, but how much prosperity is there in a hole?
We have two chickens in every pot, two cars in every garage, and now we have two headaches for every asprin.
Double-digit inflation is a terrible thing - and it got up to 14 or 15 percent on a monthly basis for a while, shortly after I became chairman of the Fed.
Domestic inflation reflects domestic monetary policy.
Currently a level of unemployment of 7 percent or more seems to be required to keep inflation from accelerating, a level quite unacceptable as a permanent situation.
Congress has not raised the minimum wage since 1997. The minimum wage is now at its lowest level in 50 years adjusted for inflation.
By the time I became chairman and there was more of a feeling of urgency, there was a willingness to accept more forceful measures to try to deal with the inflation.
Bernanke and company are trying to reflate the economy with almost stated objective of inflation at 2 percent and higher in order to provide some type of safety margin for a future recession. That's where they want to go.
Inflation is determined by money supply growth.
Bankers know that history is inflationary and that money is the last thing a wise man will hoard.
Inflation is not all bad. After all, it has allowed every American to live in a more expensive neighbourhood without moving.
Inflation does not lubricate trade but by rescuing traders from their errors of optimism or stupidity.
Production is the only answer to inflation.
The reality is that zero defects in products plus zero pollution plus zero risk on the job is equivalent to maximum growth of government plus zero economic growth plus runaway inflation.
The way to crush the bourgeoisie is to grind them between the millstones of taxation and inflation.
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