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Whoever controls the volume of money in any country is absolute master of all industry and commerce.
Inflation is not caused by the actions of private citizens, but by the government: by an artificial expansion of the money supply required to support deficit spending. No private embezzlers or bank robbers in history have ever plundered people’s savings on a scale comparable to the plunder perpetrated by the fiscal policies of statist governments.
Deficit spending is simply a scheme for the ‘hidden’ confiscation of wealth. Gold stands in the way of this insidious process. It stands as a protector of property rights.
When future historians look back on our way of curing inflation…they’ll probably compare it to bloodletting in the Middle Ages.
We gotta control inflation, quit spending our money on everything. But this years tax increase, why it’s the biggest in history.
The advocates of public control cannot do without inflation. They need it in order to finance their policy of reckless spending and of lavishly subsidizing and bribing the voters.
Continued inflation inevitably leads to catastrophe.
Never forget that no government has wealth of its own to spend. The money has to come from taxation, monetary inflation, or debt expansion that must be paid later. And government’s spending choices will always be uneconomic relative to how society would use that wealth. That is to say, the money will be wasted.
In most Western economies, the general relationship is not in fact between the rate of inflation and the level of unemployment, but between the rate of change of inflation and the rate of change of unemployment.
What people today call inflation is not inflation, i.e., the increase in the quantity of money and money substitutes, but the general rise in commodity prices and wage rates which is the inevitable consequence of inflation.
What precisely is this disease that causes inflation and all these other troubles? It has many popular names, such as socialism, communism, state interventionism, and welfare statism.
Repeal the entire Banking Act of 1933, and Austrian School economists will cheer, especially if the current system were replaced by a 100%-reserve competitive banking with no central bank. That banking reform would give us a sound money system, meaning no more business cycle, bailouts, or inflation.
Once the true relationship between inflation and unemployment is understood, with luck and skill, a free lunch is possible.
The illusiveness of this concept of national income is to be seen in its dependence on changes in the purchasing power of the monetary unit. The more inflation progresses, the higher rises the national income.
Inflation is essentially antidemocratic.
The Fed is pushing a variety of workarounds that would inject trillions in new money into the economy while bypassing the banking system altogether. Time will tell whether or not this will succeed. Meanwhile, a serious danger lurks around the corner. Once the recession is over, the lending will start again. With fractional-reserve banking and limitless supplies of cash on hand, we will likely see the overall price trends reversed, from deflation to inflation to possible hyperinflation.
Inflation has always been an important resource of policies of war and revolution and why we also find it in the service of socialism.
Having a little inflation is like being a little pregnant.
Welcome to the age of paper money, where governments and central banks can manufacture as much money as they want without limit. Gold was the last limit. Its banishment as a standard unleashed the inflation monster and leviathan itself, which has swelled beyond comprehension.
I might say that when the settlement was made the Nixon administration issued what they called a second inflation alert in which the General Motors settlement was branded as being inflationary and bad for the country.
Inflation is the true opium of the people and it is administered to them by anticapitalist governments and parties.
The gold standard did not collapse. Governments abolished it in order to pave the way for inflation. The whole grim apparatus of oppression and coercion, policemen, customs guards, penal courts, prisons, in some countries even executioners, had to be put into action in order to destroy the gold standard.
In reality there is no such thing as an inflation of prices, relatively to gold. There is such a thing as a depreciated paper currency.
If one regards inflation as an evil, then one has to stop inflating. One has to balance the budget of the government.
Governments resort to inflation with popular support because the people apparently are naïve enough to believe that they can have their cake and eat it, too.
Government policies try to prevent the emergence of serious unemployment by credit expansion, i.e., inflation. The outcome was rising prices, renewed demands for higher wages and reiterated credit expansion; in short, protracted inflation.
Inflation is an increase in the quantity of money without a corresponding increase in the demand for money, i.e., for cash holdings.
The most important thing to remember is that inflation is not an act of God, that inflation is not a catastrophe of the elements or a disease that comes like the plague. Inflation is a policy.
Inflation is the fiscal complement of statism and arbitrary government. It is a cog in the complex of policies and institutions which gradually lead toward totalitarianism .
The best way to destroy the capitalist system is to debauch the currency.
Inflation takes from the ignorant and gives to the well informed.
The Central Bank should take into account other things as well: the stability of the bank system in the country, the increase or decrease of money supply in the economy, its influence on inflation.
In the American political lexicon, ‘change’ always means more of the same: more government, more looting of Americans, more inflation, more police-state measures, more unnecessary war, and more centralization of power.
They talk about the economy this year. Hey, my hairline is in recession, my waistline is in inflation. Altogether, I’m in a depression.
It was the biggest inflation and the most sustained inflation that the United States had ever had.