“Everyone is in favor of free speech… but some people's idea of it is that they are free to say what they like, but if anyone else says anything back, that is an outrage.” ― Winston Churchill
The great free market economist who foresaw the great depression, Ludwig von Mises:
The real problem is that we have a quantity of money in most countries, including the United States, a quantity that is continually increasing. And the effect of this increase is that prices of commodities and services are going up and people are asking for higher wages. And the government says this is “an inflationary pressure.” I see this word a hundred times everyday in the newspapers, but I don’t know what “an inflationary pressure” is. There is no such thing as “an inflationary pressure.” Nothing is inflationary except an increase in the quantity of money. Either there is an increase in the quantity of money, or there is no increase in the quantity of money.
The quantity of money should increase precisely in tune with productivity increases. Since the government does not know what the word “productivity” means, and since government debt is eternal and effectively reduced by inflation, they are the worst possible arbiters of the money supply.
The quantity of money should increase precisely in tune with productivity increases. Since the government does not know what the word “productivity” means, and since government debt is eternal and effectively reduced by inflation, they are the worst possible arbiters of the money supply.