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Inflation
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★ Inflation

Inflation: see Cost of Living & Taxation & Federal Reserve & Banks & Economics & Money & Capitalism & Big Bang & Universe & Price & Wages & Pay & Resources & Shop

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Let’s be absolutely clear about why prices are high right now: COVID and Vladimir Putin.  Joe Biden tweet 20 April 2022

 

 

Do you know how much food is going up by?  Warnings from British farmers.  Cost increases leaving businesses in a battle to survive.  And the rising cost of Fish n Chips.  Tonight: Price Rises: The Secrets of Your Shopping Bill, BBC 2022

 

 

Lenin is said to have declared that the best way to destroy the capitalist system was to debauch the currency.  By a continuing process of inflation, governments can confiscate, secretly and unobserved, an important part of the wealth of their citizens.  John Maynard Keynes, The Economic Consequences of the Peace, 1919  

 

 

Heath was battling rocketing inflation at home and battling economic forces.  Heath vs. Wilson: The 10 Year Duel, BBC 2012

 

 

Transitioning from an inflationary world to a deflationary world – people should be scared.  There is going to be disruption and that disruption is coming no matter what.  There is nothing fundamental that governments can do to stop the rate of technology progress.  Jeff Booth, author The Price of Tomorrow: Why Deflation is the Key to an Abundant Future, interview Keiser Report August 2020 

 

You have technology moving at an exponential pace driving prices down, and governments all around the world [are] caught in an inflationary trap that they created themselves out of monetary policy, fighting that force.  And I would ask a simple question – isn’t it good when the value of your money goes up, and prices go down?  ibid.   

 

The abundance of technology would be broadly distributed.  ibid.  

 

It’s not going to go on for ever no matter what … It doesn’t matter until it does.  One giant thing they miss that this is they assume a reserve currency goes on for ever, right, and you can just keep printing and people just trust in your currency.  ibid.   

 

What if a country, let’s say China, created a currency and decided to keep on printing for ever, and they used the currency and they used it to buy the world? … Would we trust that currency?  ibid.   

 

And so you can see from that thought experiment that if you just keep on printing money, people lose faith in your currency, and so you don’t have a reserve currency any more.  So there’s a whole bunch of people like I think are like brainwashed in this ‘debt doesn’t matter’, that this can go on for ever.  And it’s going to happen gradually … There is nothing that can that stop this.  We are going to have deflation for sure.  Structurally, technology requires it.  The path to get to deflation could end up through hyper-inflation first – currency default, debt default – it could happen a whole bunch of different ways but we are going to have deflation anyhow.  ibid.   

 

The concentration of wealth because you’re fighting a natural force – Capitalism can’t work, right, so effectively the Government is the market today.  Free market principles don’t work any more.  ibid. 

 

Deflation we’ve never seen in our lifetimes.  What if next year everything around you got cheaper?  All it does is increases the value of your savings, and decreases the value of your assets.  ibid. 

 

Why do you think the top five technology companies are at historic heights?  ibid.                 

 

Everybody knows it.  ibid. 

 

More band-aids on a systematic, a structural change that has to take place.  And so what they’re really trying to stop is a revolution, right, but they’re making the revolution more likely.  ibid. 

 

 

For people on low incomes, inflation was a silent menace.  Dominic Sandbrook, The 70s: Doomwatch 73-74, BBC 2012

 

 

Prices are not going up, it’s that the value of the Dollar or the monetary unit is going down ... It’s a tax therefore: our lost purchasing power ... comes out of our pocket, comes out of our earning capacity ... Inflation, but in reality is a hidden tax ... And that is the power we have given to the Federal Reserve system.  G Edward Griffin

 

 

The people pay for it in inflation.  William T Still, The Money Masters, 1996

 

 

The Federal Reserve system adds another inflationary layer to an already unstable banking system.  Money, Banking & the Federal Reserve, 1996

 

 

Keith Joseph toured the country translating monetarism into a political programme.  The primary job of economics was no longer to create employment, he said, it was to reduce inflation.  Adam Curtis, Pandoras Box, BBC 1992

 

 

But the tycoons’ brief moment of power was about to be destroyed.  By 1973 it was clear that Heath’s Dash for Growth had failed.  It had created rampant inflation, and when the government tried to hold down wages, it led to violent strikes.  Adam Curtis, The Mayfair Set II: Entrepreneur Spelt S.P.I.V ***** BBC 1999

 

 

Lenin is said to have declared that the best way to destroy the capitalist system was to debauch the currency.  By a continuing process of inflation, governments can confiscate, secretly and unobserved, an important part of the wealth of their citizens.  By this method they not only confiscate, but they confiscate arbitrarily; and, while the process impoverishes many, it actually enriches some.  The sight of this arbitrary rearrangement of riches strikes not only at security, but at confidence in the equity of the existing distribution of wealth.  Those to whom the system brings windfalls, beyond their deserts and even beyond their expectations or desires, become ‘profiteers’, who are the object of the hatred of the bourgeoisie, whom the inflationism has impoverished, not less than of the proletariat.  As the inflation proceeds and the real value of the currency fluctuates wildly from month to month, all permanent relations between debtors and creditors, which form the ultimate foundation of capitalism, become so utterly disordered as to be almost meaningless; and the process of wealth-getting degenerates into a gamble and a lottery.

 

Lenin was certainly right.  There is no subtler, no surer means of overturning the existing basis of society than to debauch the currency.  The process engages all the hidden forces of economic law on the side of destruction, and does it in a manner which not one man in a million is able to diagnose.  John Maynard Keynes The Economic Consequences of the Peace VI: 235-236 1919

 

 

Inflation is currently that last thought on American minds.  Celente & Schiff & Paul & Faber & Rogers & Woods, MeltUp: The Beginning of a US Currency Crisis

 

Eventually we will have much higher inflation.  ibid.

 

 

In the absence of the gold standard, there is no way to protect savings from confiscation through inflation.  There is no safe store of value.  Alan Greenspan, Gold and Economic Freedom

 

 

The first panacea for a mismanaged nation is inflation of the currency; the second is war.  Both bring a temporary prosperity; both bring a permanent ruin.  But both are the refuge of political and economic opportunists.  Ernest Hemingway

 

 

Rising unemployment and the recession have been the price that we’ve had to pay to get inflation down [Labour shouts].  That is a price well worth paying.  Norman Lamont, speech House of Commons 16th May 1991

 

 

We are engaged in a long fight against inflation.  Richard Nixon

 

 

So with the Federal Reserve you have Inflation and Debt.  Now if the American government made the money, backed by gold, which limited that amount they could make, you wouldnt have debt and you wouldnt have inflation ... From the early 1800s to 1913 there was no inflation other than in the Civil War ... People knew what the money was worth.  They could retire.  They knew what it would cost them to live their lives out.  There was no problem.  Its only since 1913 when the Fed came in we created massive inflation and massive debt.  Aaron Russo, interview with Alex Jones

 

 

The Federal Reserve has created this massive inflation in America.  It means the American worker has to keep making more money to keep up with the cost of living ... Because of the inflation they have created they have now allowed other countries to out-compete us ... So we’ve lost our manufacturing base ... We provide nothing to the world any more.  ibid.

 

Inflation is like sin: every government denounces it and every government practices it.  Frederick Leith-Ross

 

 

Inflation is the one form of taxation that can be imposed without legislation.  Milton Freedman

 

 

A continuation of the policies was going to lead to higher inflation and more unemployment ... It was scientific.  Inflation is not a communist phenomenon.  Its not a capitalist phenomenon.  Its a printing-press phenomenon.  Milton Friedman

 

 

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 ... A steady rate of monetary growth at a moderate level can provide a framework under which a country can have little inflation and much growth.  It will not produce perfect stability; it will not produce heaven on earth; but it can make an important contribution to a stable economic society. Milton Friedman, The Counter-Revolution in Monetary Theory, 1970

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