Quote of the Day

“I do not think it is an exaggeration to say history is largely a history of inflation, usually inflations engineered by governments for the gain of governments.”

— F.A. von Hayek

To Hayek’s observation, I would only add the corresponding phenomenon of “deflation.” Both inflation and deflation can be grouped into a singular category. Robert Mundell once called both inflation and deflation a decline in the monetary standard.

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