Quote of the Day 26th August 2013

"Inflation is taxation without legislation."


(Professor Milton Friedman)

Comments

Jim said…
"Inflation and credit expansion, the preferred methods of present day government openhandedness, do not add anything to the amount of resources available. They make some people more prosperous, but only to the extent that they make others poorer." - Ludwig von Mises (one of the greatest economists of all time.)
10:06 am
Chris Whiteside said…
Except in the special case of a demand-driven depression, which clearly does not apply now or at any time since WWII, I agree with you.
8:28 pm
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