Friday, 1 February 2008

No emergency can justify a return to inflation

I found this quote in inflation on the big picture blog. It is simply too good to keep on one website.

"No emergency can justify a return to inflation. Inflation can provide neither the weapons a nation needs to defend its independence nor the capital goods required for any project. It does not cure unsatisfactory conditions. It merely helps the rulers whose policies brought about the catastrophe to exculpate themselves."

Ludwig von Mises

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