"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.
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.
ReplyDelete~Ludwig von Mises