"Inflation is always and everywhere a monetary phenomenon in the sense that it is and can be produced only by a more rapid increase in the quantity of money than in output."
Milton Friedman
(1912-2006) Nobel Prize-winning economist, economic advisor to President Ronald Reagan, "ultimate guru of the free-market system"
A Monetary History of the United States 1867-1960 (1963)
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Reader comments about this quote:
Fried Man - What a putz and mis-director

The root cause of inflation is not "too many dollars chasing too few goods and services" as the FED-Speakers want us to believe. (And seriously, do you have ANY family or friends who have too much money?!?!)

The root cause of inflation is the uncreated "interest," the USURY, the vig. When banks create money they loan out (the way that nearly all money is created in the so called western world) out of thin air - computer bits in cyberspace - they only create the principal - THEY DO NOT CREATE THE INTEREST! So it becomes dog eat dog with everyone trying to come up with the uncreated interest. Put the wife and kids to work, take a second job, raise prices if you can, move your factory jobs offshore for cheaper labor....or, as the banksters would have it, BORROW YET MORE MONEY!

Add in the nation/society destroying ultimate weapon of mass destruction - what Einstein considered the greatest invention - COMPOUND INTEREST - and it becomes apparent why the tribe's money "system" (really a racket) is totally unsustainable - can not help but crash.

We need PUBLIC banking followed quickly by PUBLIC money - restoring the MONEY POWER as President Van Buren always wrote it, back to the Rightful Sovereign - we the People.
 -- Jimi Bigbear, Libertyville, IA     
    Milton Friedman was wrong about almost everything. Rest In Hell Miltie.
     -- anonymous     
  • 1
    It doesn't matter who is issuing the excess dollars (the fed, the banks, financial entities of the State - {corps, savings and loans, etc.}, securities, bonds, electronic . . ., usury, etc., etc., etc. when there are more dollars than products and services, inflation occurs. In an inflationary condition, the vast majority of individuals / entities get more poor while a minority either remain relatively static or increase in property and services. It doesn't matter if dollars (debt, numerically denominated) or money (a tangible medium of exchange with intrinsic value) is the basis of the recognized inflation, the equation is the same. Jimi above writes several excellent points. Contrary to Keynesian economic thought, a central bank's role in a government being partners with business is also a giant inflation factor.
     -- Mike, Norwalk     
  • 2
    anonymous, I always thought that you are a moron and that " rest in hell" comment proves it. Hey, on second thought, maybe you are simply a communist.
     -- jim k, austin tx     
    A loan with a sting, usury, Oppression ! Credit based economies are not wise. Especially when practiced against your on children. Does the king tax strangers or his children ?
    Number crunchers are just that, book keepers. Trying to predict and manipulate for the profit of the central banksters, and their cohorts. Jimi makes many good points. Right on point. But to continue extraction of the children, will not work, but for a while.
     -- Ron w13, Or     
  • 1
    Ron w13, continuing on your stranger / children; that is why the children are slaves - by the hand of their parents, the patrons of the occupying statist theocracy infesting this land, they having rejected truth (very simple, very straight forward). Those patrons that still reject the truth are allowed to labor for their gods of choice. As is specific to the quote at hand, the patrons sell their birth right for a mess of pottage.
     -- Mike, Norwalk     
    Voluntary compliance, taught. Is and has become Forced compliance. = Police State under Socialistic Rule.
     -- Ron w13, Or     
    Jimi B nails it!
     -- Raj, Germantown     
  • 1
    6 years later and your comment is still as idiotic as the day you posted it.

    If Milt Friedman was right about anything it was his understanding of inflation.
     -- Vanna, Santa Monica     
  • 1
    Jimi, your examples prove that which you deny. Currently, the CCP's criminal puppet that would be king/god is attempting to replicate the Weimar Republic's results proving Friedman's here statement.

     -- Mike, Norwalk     
    The power to create money out of nothing is the ability to buy the world for nothing and make the people rent it forever.  No one can actually own anything  everything is borrowed with tribute (interest) due.  We rent our lives with our labor.  If we cannot labor, someone else in society will have to pay.  Debts to the central bank are never forgiven, only re-negotiated.  Prices continually rise and savings become worth less.  It is economic slavery, and it is not an accident.
     -- E Archer, NYC     
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