|
As we see more and more evidence for massive and unavoidable inflation building
in the U.S., some quotes on the subject of inflation from the great Austrian
economist, Ludwig Von Mises seem in order.
These speak for themselves:
What people today call inflation is not inflation, i.e., the increase in the
quantity of money and money substitutes, but the general rise in commodity
prices and wage rates which is the inevitable consequence of inflation.
Planning for Freedom, P. 79
No increase in the welfare of the members of a society can result from the
availability of an additional quantity of money.
The Theory of Money and Credit
The most important thing to remember is that inflation is not an act of God,
that inflation is not a catastrophe of the elements or a disease that comes like
the plague. Inflation is a policy.
Economic Policy, P.72
The advocates of public control cannot do without inflation. They need it in
order to finance their policy of reckless spending and of lavishly subsidizing
and bribing the voters.
The Theory of Money and Credit, P. 479
The assistance of inflation is invoked whenever a government is unwilling to
increase taxation or unable to raise a loan; that is the truth of the matter.
The Theory of Money and Credit, P. 253
Inflationism, however, is not an isolated phenomenon. It is only one piece in
the total framework of politico-economic and socio-philosophical ideas of our
time. Just as the sound money policy of gold standard advocates went hand in
hand with liberalism, free trade, capitalism and peace, so is inflationism part
and parcel of imperialism, militarism, protectionism, statism and socialism.
On the Manipulation of Money and Credit, P.48
It would be a serious blunder to neglect the fact that inflation also generates
forces which tend toward capital consumption. One of its consequences is that it
falsifies economic calculation and accounting. It produces the phenomenon of
illusory or apparent profits.
Human Action, P.546
One can say without exaggeration that inflation is an indispensable
intellectual means of militarism. Without it, the repercussions of war on
welfare would become obvious much more quickly and penetratingly; war-weariness
would set in much earlier.
Nation, State, and Economy, P.163
Inflation is the fiscal complement of statism and arbitrary government. It is a
cog in the complex of policies and institutions which gradually lead toward
totalitarianism.
The Theory of Money and Credit, P. 468
Inflation is the true opium of the people and it is administered to them by
anticapitalist governments and parties.
The Theory of Money and Credit, P. 485
But the certain fact about inflation is that, sooner or later, it must come to
an end. It is a policy that cannot last.
Economic Policy, P.63
|