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THOUGHTS ON

Inflation

“Congress wants to replace the dollar bill with a coin. They’ve already done it: It’s called a nickel.”

“The agony of inflation, however prolonged, is similar to acute pain: absorbing, demanding complete attention while it lasts, forgotten or ignorable when it has gone.”

“THERE IS NO SUBTLER, NO SURER MEANS OF OVERTURNING THE EXISTING BASIS OF SOCIETY THAN TO DEBAUCH THE CURRENCY.”

—ADAM FERGUSSON

—JOHN MAYNARD KEYNES

“WE HAVE GOLD BECAUSE WE CANNOT TRUST GOVERNMENTS.”

—JAY LENO

“The real problem today is the opposite of what the monetarists suggest: It is how to get the arbitrary power over the stock of money out of the hands of the government.”

“INFLATION IS TAXATION WITHOUT LEGISLATION.” —MILTON FRIEDMAN

“As long as inflation persists or threatens, all sensible liberals should be fiscal conservatives. And conservatives even more so.” —JOHN KENNETH GALBRAITH

—HENRY HAZLITT

“THE DEMAND FOR MONEY IS REGULATED ENTIRELY BY ITS VALUE, AND ITS VALUE BY ITS QUANTITY.” —DAVID RICARDO

“When I hear complaints about less liquidity, remember there is such a thing as too much liquidity.” —PAUL VOLCKER

“Our inflation, our public enemy number one, will, unless whipped, destroy our country, our homes, our liberties, our property and finally our national pride.”

FINAL THOUGHT

“YOUR GOLD AND SILVER HAVE CORRODED, AND THEIR CORROSION...WILL EAT YOUR FLESH LIKE FIRE.”

“If worrying about inflation is the main thing we have to worry about in the months ahead, we haven’t so much to worry about.”

—JAMES 5:3

—MALCOLM FORBES

—GERALD FORD

SOURCES: WHEN MONEY DIES, BY ADAM FERGUSSON; THE TIMES BOOK OF QUOTATIONS; RECESSION ECONOMICS, BY JOHN KENNETH GALBRAITH (NEW YORK REVIEW OF BOOKS, FEB. 4, 1982); WHERE THE MONETARISTS GO WRONG, BY HENRY HAZLITT. 114 | FORBES DECEMBER 30, 2016

CLOCKWISE FROM TOP LEFT: ANDREW LIPOVSKY/NBC/GETTY IMAGES; GAMMA-KEYSTONE/GETTY IMAGES; HORST P. HORST/CONDE NAST/GETTY IMAGES; AHN YOUNG-JOON/AP; HULTON ARCHIVE/GETTY IMAGES; MONIQUE JACOT/GAMMA-RAPHO/GETTY IMAGES; GAMMA-KEYSTONE/GETTY IMAGES

—HERBERT HOOVER

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Forbes Dic 16

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