Jul 29, 2008

Henry Hazlitt on inflation and credit expansion

If a government resorts to inflation, that is, creates money in order to cover its budget deficits or expands credit in order to stimulate business, then no power on earth, no gimmick, device, trick or even indexation can prevent its economic consequences.

~ Henry Hazlitt, “'Indexing': The Wrong Way Out,” The Freeman, May 1977

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