Inflation Quotes - Page 12

• Thirty years ago, many economists argued that inflation was a kind of minor inconvenience and that the cost of reducing inflation was too high a price to pay. No one would make those arguments today.

  Martin Feldstein

  Years, Cost, Pay

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• Many emerging countries are facing the same issue of overheating and inflation because they have been vigorously expanding fiscal and monetary policy to counter the 2008 shock.

  Sri Mulyani Indrawati

  Country, Issues, Shock

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• To fix Social Security, we should first stop using the Consumer Price Index to adjust benefits for inflation. Using the C.P.I. overstates the impact of inflation and has also led to larger increases in benefits for Social Security recipients than the income gains of typical American workers.

  Steven Rattner

  Impact, Income, Benefits

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• Back in 1960, the paper dollar and the silver dollar both were the same value. They circulated next to each other. Today? The paper dollar has lost 95% of its value, while the silver dollar is worth $34, and produced a 2-3 times rise in real value. Since we left the gold standard in 1971, both gold and silver have become superior inflation hedges.

  Mark Skousen

  Real, Gold, Dollars

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• In the '30s, the Keynesian stuff worked at least in the sense that you could print money without inflation because there was all this productivity growth happening. That's not going to work today.

  Peter Thiel

  Growth, Stuff, Today

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• The issuing power [of money] should be taken from the banks and restored to the people, to whom it properly belongs.

  Thomas Jefferson

  Taken, Democracies Have, Government

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• The most obvious and yet the oldest and most stubborn error on which the appeal of inflation rests is that of confusing ‘money’ with ‘wealth’…Real wealth, of course, consists in what is produced and consumed: the food we eat, the clothes we wear, the houses we live in. It is railways and roads and motor cars; ships and planes and factories; schools and churches and theaters; pianos, paintings and books. Yet so powerful is the verbal ambiguity that confuses money with wealth, that even those who at times recognize the confusion will slide back into it in the course of their reasoning.

  Henry Hazlitt

  Powerful, Real, Book

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• To me, a wise and humane policy is occasionally to let inflation rise even when inflation is running above target.

  Janet Yellen

  Wise, Running, Target

  "Dear Janet Yellen, Raise The Inflation Target" by Matt Busigin, www.businessinsider.com. February 3, 201.

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• Once the true relationship between inflation and unemployment is understood, with luck and skill, a free lunch is possible.

  Paul Ormerod

  Skills, Lunch, Luck

  "The Death of Economics". Book by Paul Ormerod, 1994.

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• "Average" isn't so hot at the race track given those steep track takes. "Average" is pretty decent for stocks, something like 6 percent above the inflation rate. For a buy-and -hold investor, commissions and taxes are small.

  William Poundstone

  Race, Average, Track

  "Fortune's Formula". Part Three, Arbitrage, This Is Not the Time To Buy Stocks, p. 134. Book by William Poundstone, 2005.

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• Deficit financing proper is rather the process whereby a Government spends more money that it withdraws from the economy by taxation, borrowing, running down reserves, etc.; thereby causing in most circumstances, and very acutely in ours, monetary inflation and severe pressure on the balance of payments.

  John James Cowperthwaite

  Running, Government, Balance

  Official Report of Proceedings of the Hong Kong Legislative Council (p. 249), March 29, 1967.

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• Inflation is really like drugging the baby universe with speed. The supercool union of the hitherto unfriendly gods was blessed by amphetamine, and this made the universe inflate rather than just expand. The early orgy of expansion in the universe comes to an abrupt end as soon as the supercooled particle stuff finally freezes.

  Joao Magueijo

  Baby, Blessed, Expansion

  Joao Magueijo (2011). “Faster Than The Speed Of Light: The Story of a Scientific Speculation”, p.152, Random House

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• Significant changes in the growth rate of money supply, even small ones, impact the financial markets first. Then, they impact changes in the real economy, usually in six to nine months, but in a range of three to 18 months. Usually in about two years in the US, they correlate with changes in the rate of inflation or deflation."
  "The leads are long and variable, though the more inflation a society has experienced, history shows, the shorter the time lead will be between a change in money supply growth and the subsequent change in inflation.

  Milton Friedman

  Real, Years, Significant Change

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• But now that foreign steel, and foreign cars, are moving into the United States in increased quantities at relatively low prices, the United States can no longer keep its business system fluid by inflation.

  John Chamberlain

  Wisdom, Moving, Car

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• Nothing disturbs me more than the downward trend of productivity in our nation today. The consequences of a decrease in productivity are a diminished standard of living, higher labor costs, less competitive prices, and more inflation.

  Robert S. Strauss

  Wisdom, Cost, Trends

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• The risk exists that, with aggregate demand exhibiting considerable momentum, output could overshoot its sustainable path, leading ultimately in the absence of countervailing monetary policy action to further upward pressure on inflation.

  Ben Bernanke

  Risk, Demand, Path

  Ben Bernanke's Semiannual Monetary Policy Report to the Congress Before the Committee on Financial Services, U.S. House of Representatives, www.federalreserve.gov. February 15, 2006.

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• Government spending is always a “tax” burden on the American people and is never equally or fairly distributed. The poor and low-middle income workers always suffer the most from the deceitful tax of inflation and borrowing.

  Ron Paul

  Government, People, Suffering

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• For all the gold and silver stolen and shipped to Spain did not make the Spanish people richer. It gave their kings an edge in the balance of power for a time, a chance to hire more mercenary soldiers for their wars. They ended up losing those wars anyway, and all that was left was a deadly inflation, a starving population, the rich richer, the poor poorer, and a ruined peasant class

  Hans Koning

  Kings, War, Class

  Hans Koning (1992). “Columbus: His Enterprise: Exploding the Myth”, p.118, NYU Press

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• Rising prices or wages do not cause inflation; they only report it. They represent an essential form of economic speech, sincemoney isjust another form of information.

  Walter Wriston

  Rising Prices, Essentials, Wages

  1986 Risk and Other Four-Letter Words.

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• Let's turn inflation over to the Post Office. That'll slow it down.

  Mo Udall

  Office, Turns, Posts

  "Morris K. Udall, Fiercely Liberal Congressman, Dies at 76" by Richard Severo, www.nytimes.com. December 14, 1988.

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• Tax reduction has an almost irresistible appeal to the politician, and it is no doubt also gratifying to the citizen. It means more dollars in his pocket, dollars that he can spend if inflation doesn't consume them first. But dollars in his pocket won't buy him clean streets or an adequate police force or good schools or clean air and water. Handing money back to the private sector in tax cuts and starving the public sector is a formula for producing richer and richer consumers in filthier and filthier communities. If we stick to that formula we shall end up in affluent misery.

  John W. Gardner

  Mean, School, Cutting

  John W. Gardner (1971). “The Recovery of Confidence”

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• I regard the inflation acts as wrong in all ways. Personally I am one of the noble army of debtors, and can stand it if others can. But it is a wretched business.

  Rutherford B. Hayes

  Army, Debtors, Noble

  "Diary and Letters of Rutherford Birchard Hayes". Book by Rutherford B. Hayes, 1922 - 1926.

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• the Federal Reserve, has an official commitment to two different policies. One is to prevent inflation from getting too high. The second is to maintain high employment... The European central bank has only the first. It has no commitment to keep employment up.

  Noam Chomsky

  Commitment, Two, Different

  Interview with Renowned Scholar, dialogosmedia.org. October 13, 2012.

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• The mind must not be forced; artificial and constrained manners fill it with foolish presumption, through unnatural elevation and vain and ridiculous inflation, instead of solid and
  vigorous nutriment.

  Blaise Pascal

  Mind, Ridiculous, Foolish

  Blaise Pascal, Henry Rogers, Victor Cousin, Charles Louandre (1861). “The Thoughts, Letters and Opuscules of Blaise Pascal”, p.513

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• Hot air expands, and seriously pompous attitude is the inflation of choice by those lacking substance.

  Vanna Bonta

  Attitude, Air, Choices

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