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No central banker would disagree with the proposition that inflation is primarily a monetary phenomenon. Not one of them will disagree that every inflation has been accompanied by a rapid increase in the quantity of money and every deflation by a decline in the quantity of money.

Milton Friedman

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Milton Friedman
Age: 94 †
Born: 1912
Born: July 31
Died: 2006
Died: November 16
Economist
Essayist
Statistician
University Teacher
Writer
Brooklyn
New York
Milton Fridman
Decline
Rapid
Disagree
Rapids
Phenomenon
Monetary
Central
Bankers
Increase
Propositions
Deflation
Money
Inflation
Banker
Every
Primarily
Accompanied
Would
Quantity
Proposition

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Inflation is taxation without legislation.
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China's productive system draws upon the other East Asian countries to a great extent. The volume of trade is much larger than the net amount being exported from China. China needs substantial reserves to finance all that.
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Underlying most arguments against the free market is a lack of belief in freedom itself.
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The proper role of government is exactly what John Stuart Mill said in the middle of the 19th century in On Liberty. The proper role of government is to prevent other people from harming an individual. Government, he said, never has any right to interfere with an individual for that individual's own good.
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The big problem for a democratic government - democrat with a small d - is how to hold down government spending.
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How did we make the transition from using wood to using coal, from using coal to using oil, from using oil to using natural gas? How in God's name did we make that transition without a Federal Energy Agency?
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Only a crisis, actual or perceived, produces real change.
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There's no point in comparing an actual, operating system with an ideal system that doesn't exist.
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My interest in political philosophy was rather casual until I met Hayek.
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The broader and more influential organisations of businessmen have acted to undermine the basic foundation of the free market system they purport to represent and defend.
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Statistics do not speak for themselves.
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The excuse for the destruction of liberty is always the plea of necessary ' that there is no alternative
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Inflation is always and everywhere a monetary phenomenon in the sense that it is and can be produced only by a more rapid increase in the quantity of money than in output.
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Only government can take perfectly good paper, cover it with perfectly good ink and make the combination worthless.
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One man's opportunism is another man's statesmanship.
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Only a crisis - actual or perceived - produces real change. When that crisis occurs, the actions that are taken depend on the ideas that are lying around. That, I believe, is our basic function: to develop alternatives to existing policies, to keep them alive and available until the politically impossible becomes the politically inevitable.
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The use of quantity of money as a target has not been a success. I'm not sure that I would as of today push it as hard as I once did.
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Economic freedom is an essential requisite for political freedom. By enabling people to cooperate with one another without coercion or central direction, it reduces the area over which political power is exercised.
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We had much freer trade in the 19th century. We have much less globalization now than we did then.
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