The Policy of Inflation

Companies Stock Up as Commodities Prices Rise (WSJ)

The present valuation will often depend on what people expect the future quantity of money to be. And, as with commodities on the speculative exchanges, each person’s valuation of money is affected not only by what he thinks its value is but by what he thinks is going to be everybody else’s valuation of money.

– Henry Hazlitt, Economics In One Lesson

Obama to Chamber: Let’s Do Business

But the inflation, though in part often deliberate, is today mainly the consequence of other government economic interventions. It is the consequence of, in brief, of the Redistributive State—of all the policies of expropriating money from Peter in order to lavish it on Paul.

– Henry Hazlitt, Economics In One Lesson

Limestone Commentary: Sigh. Hazlitt wrote that in 1976.

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