"I hate having to go along with everything my friends say."
--Claire Standish (The Breakfast Club)
Dr J makes a number of salient points, as usual. For whatever reason, this one jumped out at me:
"significant inflation is not a monetary phenomenon as much as it is a fiscal one."
Nice point. You'll hear many 'experts' call inflation 'always and everywhere' a monetary phenomenon. As John observes, this simply is not so. Fiscal mischief generally drives money printing.
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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.
~Ludwig von Mises
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