Quotes about inflation

A collection of quotes on the topic of inflation, money, governance, government.

Quotes about inflation

“I played over the music of that scoundrel Brahms. What a giftless bastard! It annoys me that this self-inflated mediocrity is hailed as a genius.”

Pyotr Ilyich Tchaikovsky (1840–1893) Russian composer

Diary entry for October 9, 1886, quoted in Nicolas Slonimsky, Lexicon of Musical Invective (1953), p. 73.

Music

“Life is a planetary level phenomonon and the Earth has been alive for at least 3000 million years. To me the human move to take responsibility for the living Earth is laughable - the rhethoric of the powerless. The planet takes care of us, not we of it. Our self inflated moral imperative to guide a wayward Earth or heal a sick planet is evidence of our immense capacity for self-delusion. Rather, we need to protect us from ourselves.”

Lynn Margulis (1938–2011) American evolutionary biologist

Source: Symbiotic Planet: A New Look at Evolution

Life

“Government spending cannot create additional jobs. If the government provides the funds required by taxing the citizens or by borrowing from the public, it abolishes on the one hand as many jobs as it creates on the other. If government spending is financed by borrowing from the commercial banks, it means credit expansion and inflation. If in the course of such an inflation the rise in commodity prices exceeds the rise in nominal wage rates, unemployment will drop. But what makes unemployment shrink is precisely the fact that real wage rates are falling.”

Ludwig von Mises book Socialism

Socialism (1922), Epilogue (1947)

“There is a level of grief so deep that it stops resembling grief at all. The pain becomes so severe that the body can no longer feel it. The grief cauterizes itself, scars over, prevents inflated feeling. Such numbness is a kind of mercy.”

Elizabeth Gilbert (1969) American writer

Source: The Signature of All Things

Pain, Feeling

“The way to crush the bourgeoisie is to grind them down between the millstones of taxation and inflation.”

Vladimir Lenin (1870–1924) Russian politician, led the October Revolution

John Maynard Keynes, paraphrase of Lenin Interview http://blog.skepticallibertarian.com/2013/04/15/fake-quote-files-v-i-lenin-on-inflation-and-taxation/ Misattributed

Way

“The universe would have expanded in a smooth way from a single point. As it expanded, it would have borrowed energy from the gravitational field, to create matter. As any economist could have predicted, the result of all that borrowing, was inflation. The universe expanded and borrowed at an ever-increasing rate. Fortunately, the debt of gravitational energy will not have to be repaid until the end of the universe.”

Stephen Hawking (1942–2018) British theoretical physicist, cosmologist, and author

The Beginning of Time (1996)

Way, Universe

“At the end of every television broadcast, the names of the people who worked on it are listed. Why, you may ask yourself sometimes, would so many people want to take credit for such a bad show? Well, its just like what's happened to the dollar. Credits in television suffer from inflation. There are more of them and they arent worth what they used to be, even on a good show.”

Andy Rooney (1919–2011) writer, humorist, television personality

[Andy Rooney, w:Andy Rooney, 6, Credits, Years of Minutes, 2003, PublicAffairs, 978-1586482114]

People, Suffering

“It turns out that the energy of a gravitational field—any gravitational field—is negative. During inflation, as the universe gets bigger and bigger and more and more matter is created, the total energy of matter goes upward by an enormous amount. Meanwhile, however, the energy of gravity becomes more and more negative. The negative gravitational energy cancels the energy in matter, so the total energy of the system remains whatever it was when inflation started—presumably something very small. …This capability for producing matter in the universe is one crucial difference between the inflationary model and the previous model.”

Alan Guth (1947) American theoretical physicist and cosmologist

"A Universe in Your Backyard," in Third Culture: Beyond the Scientific Revolution (1996) ed. John Brockman, p. 279.

Universe

“The problem with aging is not that it’s one damn thing after another—it’s every damn thing, all at once, all the time.
You can’t stop aging. Gene therapies and replacement organs and plastic surgery give it a good fight. But it catches up with you anyway. Get a new lung, and your heart blows a valve. Get a new heart, and your liver swells up to the size of an inflatable kiddie pool. Change out your liver, a stroke gives you a whack. That’s aging’s trump card; they still can’t replace brains.”

John Scalzi (1969) American science fiction writer

Source: Old Man’s War (2005), Chapter 1 (p. 14)

Age, Problem, Change, Time

“Cagan’s adaptive mechanism for explaining expectations of inflation has sometimes been criticized as an ad hoc formulation that is inconsistent with the hypothesis that expectations are rational. In this paper, we have showed that conditions exist under which adaptive expectations are fully rational.”

Thomas J. Sargent (1943) American economist

"Rational expectations and the dynamics of hyperinflation." 1973

“That higher and "complete" man is begotten by the "unknown" father and born from Wisdom, and it is he who, in the figure of the puer aeternus—"vultu mutabilis albus et ater"—represents our totality, which transcends consciousness. It was this boy into whom Faust had to change, abandoning his inflated onesidedness which saw the devil only outside. Christ's "Except ye become as little children" is a prefiguration of this, for in them the opposites lie close together; but what is meant is the boy who is born from the maturity of the adult man, and not the unconscious child we would like to remain.”

C.G. Jung book Answer to Job

Answer to Job, R. Hull, trans. (1984), pp. 157-158

Wisdom, Children, Lie, Boy

“Rampant inflation is just as hard to live with as the devaluation of commodities.”

David Harvey (1935) British anthropologist

Source: The Limits To Capital (2006 VERSO Edition), Chapter 10, Finance Capital And Its Contradictions, p. 295

“An alternative “rational expectations” view denies that there is any inherent momentum in the present process of inflation. This view maintains that firms and workers have now come to expect high rates of inflation in the future and that they strike inflationary bargains in light of these expectations.”

Thomas J. Sargent (1943) American economist

Thomas J. Sargent, "The Ends of Four Big Inflations" (1981).

Light, Future

“The mind must not be forced; artificial and constrained manners fill it with foolish presumption, through unnatural elevation and vain and ridiculous inflation, instead of solid and vigorous nutriment.”

Blaise Pascal (1623–1662) French mathematician, physicist, inventor, writer, and Christian philosopher

The Art of Persuasion

“Inflation is an increase in the quantity of money without a corresponding increase in the demand for money, i. e., for cash holdings.”

Ludwig von Mises (1881–1973) austrian economist

The Free Market and Its Enemies, speech to the Foundation for Economic Education https://fee.org/library/books/the-free-market-and-its-enemies/ (1951)

Money

“The record is clear, printing money doesn't create jobs, it only creates more inflation.”

Margaret Thatcher (1925–2013) British stateswoman and politician

Speech to Conservative Trade Unionists (Annual Conference) (1 November 1980) http://www.margaretthatcher.org/document/104439 First term as Prime Minister Context: If simply printing and spending more money would cure our problems we should by now be one of the wealthiest nations in the Western world.—In the lifetime of the last Labour Government the amount of money in the economy went up by £20 thousand million but the number of jobs did not increase. Indeed, unemployment doubled and prices more than doubled too.—In the last three years (1976–79) the amount of money in the economy went up by 50%; but yet only 4%; went into output, the rest into higher prices and imports. The record is clear, printing money doesn't create jobs, it only creates more inflation. But there is another word for printing money—they call it “reflection”. It is a cosy word but a fraudulent device. It cuts the value of every pound in circulation, of every pound the thrifty have saved. It means spending money you can't afford, haven't earned and haven't got. You would accept that it is neither moral nor responsible for a family to live beyond its means. Equally it is neither moral nor responsible for a Government to spend beyond the nation's means, even for services which may be desirable. So we must curb public spending to amounts that can be financed by taxation at tolerable levels and borrowing at reasonable rates of interest.

Money

“There are others where religion is nothing but ritual; and these are worse than the first, for the Spirit of God is not in them, and they are inflated with self-righteousness.”

Desiderius Erasmus (1466–1536) Dutch Renaissance humanist, Catholic priest, and theologian

Letter to Lambertus Grunnius (August 1516), publised in Life and Letters of Erasmus : Lectures delivered at Oxford 1893-4 (1894) http://books.google.com/books?id=ussXAAAAMAAJ&pg=PA180&lpg=PA180&dq=%22is+no+discipline+and+which+are+worse+than+brothels%22&source=bl&ots=PnJjrkSLNB&sig=JPY0PhTf2YgYwJlf3uH2eTvCJeA&hl=en&ei=BGwXTNqTA5XANu6_pJ8L&sa=X&oi=book_result&ct=result&resnum=1&ved=0CBIQ6AEwAA#v=onepage&q=%22is%20no%20discipline%20and%20which%20are%20worse%20than%20brothels%22&f=false edited by James Anthony Froude, p. 180 Context: There are monasteries where there is no discipline, and which are worse than brothels — ut prae his lupanaria sint et magis sobria et magis pudica. There are others where religion is nothing but ritual; and these are worse than the first, for the Spirit of God is not in them, and they are inflated with self-righteousness. There are those, again, where the brethren are so sick of the imposture that they keep it up only to deceive the vulgar. The houses are rare indeed where the rule is seriously observed, and even in these few, if you look to the bottom, you will find small sincerity. But there is craft, and plenty of it — craft enough to impose on mature men, not to say innocent boys; and this is called profession. Suppose a house where all is as it ought to be, you have no security that it will continue so. A good superior may be followed by a fool or a tyrant, or an infected brother may introduce a moral plague. True, in extreme cases a monk may change his house, or even may change his order, but leave is rarely given. There is always a suspicion of something wrong, and on the least complaint such a person is sent back.

God, Religion

“There are monasteries where there is no discipline, and which are worse than brothels — ut prae his lupanaria sint et magis sobria et magis pudica. There are others where religion is nothing but ritual; and these are worse than the first, for the Spirit of God is not in them, and they are inflated with self-righteousness. There are those, again, where the brethren are so sick of the imposture that they keep it up only to deceive the vulgar. The houses are rare indeed where the rule is seriously observed, and even in these few, if you look to the bottom, you will find small sincerity. But there is craft, and plenty of it — craft enough to impose on mature men, not to say innocent boys; and this is called profession. Suppose a house where all is as it ought to be, you have no security that it will continue so. A good superior may be followed by a fool or a tyrant, or an infected brother may introduce a moral plague. True, in extreme cases a monk may change his house, or even may change his order, but leave is rarely given. There is always a suspicion of something wrong, and on the least complaint such a person is sent back.”

Desiderius Erasmus (1466–1536) Dutch Renaissance humanist, Catholic priest, and theologian

Letter to Lambertus Grunnius (August 1516), published in Life and Letters of Erasmus : Lectures delivered at Oxford 1893-4 (1894) http://books.google.com/books?id=ussXAAAAMAAJ&pg=PA180&lpg=PA180&dq=%22is+no+discipline+and+which+are+worse+than+brothels%22&source=bl&ots=PnJjrkSLNB&sig=JPY0PhTf2YgYwJlf3uH2eTvCJeA&hl=en&ei=BGwXTNqTA5XANu6_pJ8L&sa=X&oi=book_result&ct=result&resnum=1&ved=0CBIQ6AEwAA#v=onepage&q=%22is%20no%20discipline%20and%20which%20are%20worse%20than%20brothels%22&f=false edited by James Anthony Froude, p. 180

God, Religion, Housing, Personality

“I felt my lungs inflate with the onrush of scenery—air, mountains, trees, people. I thought, "This is what it is to be happy.”

Sylvia Plath book The Bell Jar

Source: The Bell Jar

Beauty, Peaceful, People, Mountain

“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 (1899–1961) American author and journalist

Notes on the Next War (1935)

War

“Government has no wealth, and when a politician promises to give you something for nothing, he must first confiscate that wealth from you -- either by direct taxes, or by the cruelly indirect tax of inflation.”

John Wayne (1907–1979) American film actor

Wealth

“The purpose of writing is to inflate weak ideas, obscure poor reasoning and inhibit clarity.”

Bill Watterson (1958) American comic artist

Idea

“I think there was a layer of several inches of crystal clear ice, probably in the form of metallic hydrogen, about 10-20 miles up. It could have been held up by the earth’s magnetic field or the internal air pressure like a giant inflatable building or even helped by the centrifugal force of the spinning earth. It could also have had its own spin to help suspend it. Maybe a combination of effects.”

Kent Hovind (1953) American young Earth creationist

Source: What On Earth Is About To Happen… For Heaven’s Sake? (2013), p. 44

Thinking, Help

“Under the world view possessed by medieval scholars, the path of learning was a path of self-deprecation. … An opposite conception comes in with Bacon’s “knowledge is power.” If the aim of knowledge is domination, it is hardly to be supposed that the possessors of knowledge will be indifferent to their importance. On the contrary, they begin to swell; the seek triumphs in the material world (knowledge being meanwhile necessarily degraded to skills) which inflate their egotism and self-consideration. Such is a brief history of how knowledge passes from a means of spiritual redemption to a basis for intellectual pride.”

Richard M. Weaver (1910–1963) American scholar

Source: Ideas have Consequences (1948), p. 72.

World, History, Knowledge, Learning

“Old-boy networks, alumni giving, affirmative action, sports, and diversity have pretty much put an end to classical meritocratic admissions. That decline of standards in admissions is perversely ironic, because at about the same time, a new campus ethos of grade inflation was predicated on the self-important notion that if you were smart enough to get into Princeton or Harvard, then Harvard and Princeton would make the necessary adjustments and concessions to make sure you graduated. The result of self-congratulation is that a Stanford graduate now usually knows less history than his Hillsdale counterpart. A successful self-made businessman can know a lot more about the economy than does a Harvard M. B. A.”

Victor Davis Hanson (1953) American military historian, essayist, university professor

2010s, The Deflation of the Academic Brand (2018)

History, Boy, Sport, Time

“The penis -- if you think about it -- is the most enterprising engineering feat imaginable -- a cantilevered structure, hydraulics, propulsion, pistons, compression, inflation, heat sensitive -- practically every engineering characteristic -- towers, draw-bridges, rocket-ships -- no man-made engineering structure to match it.”

Peter Greenaway (1942) British film director

Philip
8 1/2 Women

Imagination, Thinking, Drawing

“Inflation is a simple idea: imagine that the universe begins in a tiny patch of space dominated by the potential energy of some scalar field, a kind of super-dense dark energy. This causes that patch to expand at a terrifically accelerated rate, smoothing out the density and diluting away any unwanted relics. Eventually the scalar field decays into ordinary matter and radiation, reheating the universe into a conventional Big Bang state, after which things proceed as normal.”

Sean Carroll (1966) American theoretical cosmologist

[The Eternally Existing, Self-reproducing, Frequently Puzzling Inflationary Universe, Preposterous Universe blog, 21 October 2011, http://www.preposterousuniverse.com/blog/2011/10/21/the-eternally-existing-self-reproducing-frequently-puzzling-inflationary-universe/]

Imagination, Idea, Universe

“Perhaps I'm unrealistic. As long as people do not fully realize the danger of inflation, they may well pressure for more inflation as a short-term remedy for evils. Though we may well be driven into more, until people have learned the lesson, but that means that inflation may still do more of a great deal of harm, before it will be cured.”

Friedrich Hayek (1899–1992) Austrian and British economist and Nobel Prize for Economics laureate

1975 interview https://mises.org/library/hayek-meets-press-1975 on "Meet the Press." 1960s–1970s

People, Learning, Evil

“My budget blueprint will restrain spending, yet meet growing needs with a reasonable 4 percent growth rate, which is a little more than inflation. After paying the bills, my plan reduces the national debt, and fast. So fast, in fact, that economists worry that we're going to run out of debt to retire. That would be a good worry to have. Finally, along with funding our priorities and paying down debt, my plan returns about one out of every four dollars of the surplus to the American taxpayers, who created the surplus in the first place. A surplus in tax revenue, after all, means that taxpayers have been overcharged. And usually when you've been overcharged, you expect to get something back. Tax relief means real help for both American families and the American economy. Everybody who pays income taxes will receive a tax cut. Nobody will be targeted in, and nobody will be targeted out. The typical family will get about $1,600 in tax relief, and that's real money. And that's money that will help American families manage their own accounts, manage your own balance sheets.”

George W. Bush (1946) 43rd President of the United States

2000s, 2001, Radio Address to the Nation (February 2001)

Money, Family, Help

“In the long run wives are to be paid in a peculiar coin – consideration of their feelings. And it usually turns out this is an enormous, unthinkable inflation few men will remit, or if they will, only with a sense of being overcharged.”

Elizabeth Hardwick (1916–2007) Novelist, short story writer, literary critic

Seduction and Betrayal

Men, Feeling, Sense

“The interest capitalistic inflation however is like a devouring fire which is not extinguished until it has consumed all the treasures of the world and made the whole of mankind interest-slaves of international finance—or until the interest slavery is broken.”

Gottfried Feder (1883–1941) German economist and politician

Source: The German State on a National and Socialist Foundation (1923), pp. 117-118

World

“Inflation may be defined as any increase in the economy's supply of money not consisting of an increase in the stock of the money metal.”

Murray N. Rothbard book What Has Government Done to Our Money?

What Has Government Done to Our Money? (1980)

Money

“Question: You wanna gut that safety net…
Ron Paul: But the safety net doesn't work.
Question: Tell me why it doesn't work.
Ron Paul: It does work for some people, but overall it ultimately fails, because you spend more money than you have, and then you borrow to the hilt. Now we have to borrow $800 billion a year just to keep the safety net going. It's going to collapse when the dollar collapses, you can't even fight the war without this borrowing. And when the dollar collapses, you can't take care of the elderly of today. They're losing ground. Their cost of living is going up about 10%, even though the government denies it, we give them a 2% cost of living increase.
Question: So do you think the gold standard would fix that?
Ron Paul: The gold standard would keep you from printing money and destroying the middle class. Every country where you have runaway inflation, there's no middle class. Mexico, there's no middle class, you have a huge poor class, and a lot of wealthy people. Today we have a growing poor class, and we have more billionaires than ever before. So we're moving into third world status…
Question: Who is the safety net that you're speaking of, who does benefit from all those programs and all those agencies?
Ron Paul: Everybody on a short term benefits for a time. If you build a tenement house by the government, for about 15 or 20 years somebody might live there, but you don't measure who paid for it: somebody lost their job down the road, somebody had inflation, somebody else suffered. But then the tenement house falls down after about 20 years because it's not privately owned, so everybody eventually suffers. But the immediate victims aren't identifiable, because you don't know who lost the job, and who had the inflation, the victims are invisible. The few people who benefit, who get some help from government, everyone sees, "oh! look what we did!", but they never say instead of what, what did we lose. And unless you ask that question, we'll go into bankruptcy, we're in the early stages of it, the dollar is going down, our standard of living is going down, and we're hurting the very people that so many people wanna help, especially the liberals…”

Ron Paul (1935) American politician and physician

Interview by Mac McKoy on KWQW, December 17, 2007 http://ca.youtube.com/watch?v=x3lxo9WIR6w 2000s, 2006-2009

Money, War, People, World

“I think that everything should be made available to everybody, and I mean LSD, cocaine, codeine, grass, opium, the works. Nothing on earth available to any man should be confiscated and made unlawful by other men in more seemingly powerful and advantageous positions. More often than not Democratic Law works to the advantage of the few even though the many have voted; this, of course, is because the few have told them how to vote. I grow tired of 18th century moralities in a 20th century space-atomic age. If I want to kill myself I feel that should be my business. If I go out and hold up gas stations at night to pay for my supply it is because the law inflates a very cheap thing into an escalated war against my nerves and my soul.”

Charles Bukowski (1920–1994) American writer

"This Floundering Old Bastard is the Best Damn Poet in Town", interview by John Thomas, in LA Free Press (1967)
Interviews

Men, War, Age, Law

“Ron Paul: What's happening is, there's transfer of wealth from the poor and the middle class to the wealthy. This comes about because of the monetary system that we have. When you inflate a currency or destroy a currency, the middle class gets wiped out. So the people who get to use the money first which is created by the Federal Reserve system benefit. So the money gravitates to the banks and to Wall Street. That's why you have more billionaires than ever before. Today, this country is in the middle of a recession for a lot of people… As long as we live beyond our means we are destined to live beneath our means. And we have lived beyond our means because we are financing a foreign policy that is so extravagant and beyond what we can control, as well as the spending here at home. And we're depending on the creation of money out of thin air, which is nothing more than debasement of the currency. It's counterfeit… So, if you want a healthy economy, you have to study monetary theory and figure out why it is that we're suffering. And everybody doesn't suffer equally, or this wouldn't be so bad. It's always the poor people -- those who are on retired incomes -- that suffer the most. But the politicians and those who get to use the money first, like the military industrial complex, they make a lot of money and they benefit from it.
John McCain: Everybody is paying taxes and wealth creates wealth. And the fact is that I would commend to your reading, Ron, "Wealth of Nations," because that's what this is all about. A vibrant economy creates wealth. People pay taxes. Revenues are at an all time high.”

Ron Paul (1935) American politician and physician

GOP debate, Dearborn, Michigan, October 9, 2007 http://www.freep.com/apps/pbcs.dll/article?AID=/20071009/NEWS02/71009073 2000s, 2006-2009

Money, People, Home, Study

“Tax revenues are up 59 percent since 1980. Because of our economic growth? No. During Carter's four years, we had growth of 37.2 percent; Reagan's five years have given us 30.7 percent. The new revenues are due to four giant Republican tax increases since 1981. All republicans rightly chastised Carter for his $38 billion deficit. But they ignore or even defend deficits of $220 billion, as government spending has grown 10.4 percent per year since Reagan took office, while the federal payroll has zoomed by a quarter of a million bureaucrats… big government has been legitimized in a way the Democrats never could have accomplished. It was tragic to listen to Ronald Reagan on the 1986 campaign trail bragging about his high spending on farm subsidies, welfare, warfare, etc… the IRS has grown bigger, richer, more powerful, and more arrogant. In the words of the founders of our country, our government has "sent hither swarms" of tax gatherers "to harass our people and eat out their substance." His officers jailed the innocent George Hansen, with the President refusing to pardon a great American whose only crime was to defend the Constitution. Reagan's new tax "reform" gives even more power to the IRS. Far from making taxes fairer or simpler, it deceitfully raises more revenue for the government to waste… I want to totally disassociate myself from the policies that have given us unprecedented deficits, massive monetary inflation, indiscriminate military spending, an irrational and unconstitutional foreign policy, zooming foreign aid, the exaltation of international banking, and the attack on our personal liberties and privacy.”

Ron Paul (1935) American politician and physician

Letter to chairman of the RNC http://www.textfiles.com/politics/ron_paul.txt Frank Fahrenkopf (March 1987). 1980s

People, Way, Personality, Country

“Tax reduction has an almost irresistible appeal to the politician, and it is no doubt also gratifying to the citizen. It means more dollars in his pocket, dollars that he can spend if inflation doesn't consume them first. But dollars in his pocket won't buy him clean streets or an adequate police force or good schools or clear air and water. Handing money back to the private sector in tax cuts and starving the public sector is a formula for producing richer and richer consumers in filthier and filthier communities. If we stick to that formula we shall end up in affluent misery.”

John W. Gardner (1912–2002) American politician

The Recovery of Confidence (1970), p. 152.

Money, School, Communication, Water

“The right hon. Gentleman is afraid of an election is he? Oh, if I were going to cut and run I'd have gone after the Falklands. Afraid? Frightened? Frit? Couldn't take it? Couldn't stand it? Right now inflation is lower than it has been for thirteen years, a record the right hon. Gentleman couldn't begin to touch!”

Margaret Thatcher (1925–2013) British stateswoman and politician

Prime Minister's Questions (19 April 1983) http://www.margaretthatcher.org/speeches/displaydocument.asp?docid=105294. The use of 'frit', an unusual Lincolnshire dialect abbreviation of 'frightened' which Mrs Thatcher evidently recalled from childhood, was missed by MPs in a noisy chamber but heard very distinctly on the audio feed from the chamber. First term as Prime Minister

“Neil Cavuto: …your campaign has received a $500 campaign donation from a white supremacist in West Palm Beach. And your campaign had indicated you have no intention to return it. What are you going to do with that?
Ron Paul: It is probably already spent. Why give it back to him and use it for bad purposes?
Neil Cavuto: …this Don Black who made the donation, and who ran a site called "Stormfront, White Pride Worldwide," now that you know it, now that you're familiar after the fact, you still would not return it?
Ron Paul: Well, if I spent his money and I took the money that maybe you might have sent to me and donate it back to him, that does not make any sense to me. Why should I give him money to promote his cause?
Neil Cavuto: …Hillary Clinton has had to do this, a number of other candidates have had to do this. Do you think that just is a bad practice?
Ron Paul: I think it is pandering. I think it is playing the political correctness… What about the people who get donations, want to get special interests from the military industrial complex? They put in — they raise, bundle their money, and send millions of dollars in there. And they want to rob the taxpayers. That is the real evil … that buys influence in government. And this is, to me, the corruption that should be corrected… you are missing the whole boat — the whole boat, because it is the immorality of government, it's the special interests in government, it's fighting illegal wars…
Neil Cavuto: All right.
Ron Paul: …and financing, and taxing the people, destroying the people through inflation, and undermining this prosperity of the country.”

Ron Paul (1935) American politician and physician

Your World with Neil Cavuto, FOX News, December 19, 2007 http://www.foxnews.com/story/0,2933,317536,00.html http://www.youtube.com/watch?v=CrRtZaG63o8 2000s, 2006-2009

Money, War, People, Thinking

“The full expression of personality depends upon its being inflated by social prestige; it is a social privilege.”

Simone Weil (1909–1943) French philosopher, Christian mystic, and social activist

Source: Simone Weil : An Anthology (1986), Human Personality (1943), p. 64

Dependency, Personality

“The most serious problems lie in the financial sphere, where the economy’s debt overhead has grown more rapidly than the ‘real’ economy’s ability to carry this debt. … The essence of the global financial bubble is that savings are diverted to inflate the stock market, bond market and real estate prices rather than to build new factories and employ more labor.”

Michael Hudson (economist) (1939) American economist

Financial Capitalism v. Industrial Capitalism http://michael-hudson.com/1998/09/financial-capitalism-v-industrial-capitalism/ (September 3, 1998) Michael-Hudson.com, 1998-

Lie, Problem

“Unlike any other player on the board, the press has no oversight, no mandate, few penalties, and even fewer consequences. Because there are not enough reporters on the ground, too many bureaus have outsourced both their reporting and standards to third party stringers whose spectacular videos of explosions and inflated body counts have shown up on both jihadist recruiting sites and American television screens, simultaneously.”

Matt Sanchez (1970) writer, journalist

[Kelly, Jack, Tale of two atrocities: Iraq reporting rife with errors, Bucks County Courier Times, A5, July 6, 2007]

Penalty

“A positive pressure produces an attractive gravitational field… Positive pressures are just sort of normal pressures and attractive gravity is normal gravity, so normal pressures produce normal gravity, but it is possible to have negative pressures, and negative pressures produce repulsive gravity, and that's the secret of what makes inflation possible.”

Alan Guth (1947) American theoretical physicist and cosmologist

Lecture 1: Inflationary Cosmology: Is Our Universe Part of a Multiverse? Part I.
The Early Universe (2012)

Secret

“10 per cent inflation is not heaven and the factors are all still there to push it up much further next year. Nor has the Government any policy adequate to deal with unemployment. It is not capitalism that is in crisis. It is Socialism that is in collapse. The faith has vanished. The principles are shattered. It won't do for Liberals merely to say they will put on the brakes. Even if you slow down the Gadarene swine, they will go over the precipice eventually.”

Jo Grimond (1913–1993) British soldier, politician and academic

In The Spectator (21 January, 1978).

Faith, Swine

“I do not mean to suggest that all those who call themselves monetarists make this unconscious assumption that an inflation involves this uniform rise of prices. But we may distinguish two schools of monetarism. The first would prescribe a monthly or annual increase in the stock of money just sufficient, in their judgment, to keep prices stable. The second school (which the first might dismiss as mere inflationists) wants a continuous increase in the stock of money sufficient to raise prices steadily by a "small" amount—2 or 3 per cent a year. These are the advocates of a "creeping" inflation. … I made a distinction earlier between the monetarists strictly so called and the "creeping inflationists." This distinction applies to the intent of their recommended policies rather than to the result. The intent of the monetarists is not to keep raising the price "level" but simply to keep it from falling, i. e., simply to keep it "stable." But it is impossible to know in advance precisely what uniform rate of money-supply increase would in fact do this. The monetarists are right in assuming that in a prospering economy, if the stock of money were not increased, there would probably be a mild long-run tendency for prices to decline. But they are wrong in assuming that this would necessarily threaten employment or production. For in a free and flexible economy prices would be falling because productivity was increasing, that is, because costs of production were falling. There would be no necessary reduction in real profit margins. The American economy has often been prosperous in the past over periods when prices were declining. Though money wage-rates may not increase in such periods, their purchasing power does increase. So there is no need to keep increasing the stock of money to prevent prices from declining. A fixed arbitrary annual increase in the money stock "to keep prices stable" could easily lead to a "creeping inflation" of prices.”

Henry Hazlitt (1894–1993) American journalist

Where the Monetarists Go Wrong (1976)

Money, School, Past

“It is with considerable reluctance that I criticize the monetarists, because, though I consider their proposed monetary policy unfeasible, they are after all much more nearly right in their assumptions and prescriptions than the majority of present academic economists. The simplistic form of the quantity theory of money that they hold is not tenable; but they are overwhelmingly right in insisting on how much "money matters," and they are right in insisting that in most circumstances, and over the long run, it is the quantity of money that is most influential in determining the purchasing power of the monetary unit. Other things being equal, the more dollars that are issued, the smaller becomes the value of each individual dollar. So at the moment the monetarists are more effective opponents of further inflation than the great bulk of politicians and even putative economists who still fail to recognize this basic truth.”

Henry Hazlitt (1894–1993) American journalist

Where the Monetarists Go Wrong (1976)

Money, Truth

“For the Trade Unions such a scheme as this offers great and evident advantages compared with progressive inflation or with a wages tax. In spite of the demands of war, the workers would have secured the enjoyment, sooner or later, of a consumption fully commensurate with their increased effort; whilst family allowances and the cheap ration would actually improve, even during the war, the economic position of the poorer families. We should have succeeded in making the war an opportunity for a positive social improvement. How great a benefit in comparison with a futile attempt to evade a reasonable share of the burden of a just war, ending in a progressive inflation!”

John Maynard Keynes (1883–1946) British economist

Source: How to Pay for the War (1940), Ch. 5 : A Plan for Deferred Pay, Family, Allowances and a Cheap Ration

War, Family, Effort

“The reality is that business and investment spending are the true leading indicators of the economy and the stock market. If you want to know where the stock market is headed, forget about consumer spending and retail sales figures. Look to business spending, price inflation, interest rates, and productivity gains.”

Mark Skousen (1947) American economist, investment analyst, newsletter editor, college professor and author

Mark Skousen; in: The Freeman: Ideas on Liberty, Vol. 60, Nr. 3-10 (2010). p. 7

Business, Reality, Forgetting

“A much faster speed of light in the infant universe solved the horizon problem and therefore explained the overall smoothness of the temperatures of the CMB radiation, because light now traveled extremely quickly between all parts of the expanding but not inflating universe.”

John Moffat book Reinventing Gravity

Source: Reinventing Gravity (2008), Chapter 6, Inflation And Variable Speed Of Light (VSL), p. 100

Travel, Problem, Light, Universe

“The fears of recession in the aftermath of Black Monday have turned to fears of the economy racing ahead too fast, with inflation edging up and a substantial current account deficit…people understandably feel more confident about their future than they've done for decades, but as a result they have been borrowing more and saving less…coming on top of a massive income investment boom, it's all been just a bit too much of a good thing.”

Nigel Lawson (1932) British Conservative politician and journalist

Speech to the Conservative Party Conference (13 October, 1988).

People, Fear, Feeling, Confidence

“So the future depends not only on what we do but on what other powers do. Will they join in the nuclear arms race or save their resources for later, more renumerative uses? Will they increase their productivity while we succumb to inflation and its social and economic consequences? Will they live in harmony at home while we remain riven by factionalism and terrorized by crime? Most important of all, will they choose their goals wisely and pursue them relentlessly while we flounder in aimlessness or exhaust ourselves in internecine struggles? These matters are quite as important as the decline of absolute American power in determining the equilibrium of international relations in the 1970s. One thing is sure: the international challenge tends to merge more and more with the domestic challenge until the two become virtually indistinguishable. The threats from both sources are directed at the same sources of national power which provide strength both for our national security and for our domestic welfare. It is clear, I believe, that we cannot overcome abroad and fail at home, or succeed at home and succumb abroad. To progress toward the goals of our security and welfare we must advance concurrently on both foreign and domestic fronts by means of integrated national power responsive to a unified national will.”

Maxwell D. Taylor (1901–1987) United States general

Closing words, p. 421-422
Swords and Plowshares (1972)

Home, Future, Dependency

“I regard the inflation acts as wrong in all ways. Personally I am one of the noble army of debtors, and can stand it if others can. But it is a wretched business.”

Rutherford B. Hayes (1822–1893) American politician, 19th President of the United States (in office from 1877 to 1881)

Letter to Austin Birchard (21 April 1874), when he was approximately $46,000 in debt.
Diary and Letters of Rutherford Birchard Hayes (1922 - 1926)

Way, Business, Personality

“We all, or nearly all, consent If wages rise by ten per cent It puts a choice before the nation Of unemployment or inflation.”

Kenneth E. Boulding (1910–1993) British-American economist

Kenneth Boulding (1951) in: The impact of the Union: eight economic theorists evaluate the labor union movement. John Maurice Clark & David McCord Wright eds.
1950s

“The theory of economic shock therapy relies in part on the roleof expectations on feeding an inflationary process. Reining in inflation requires not only changing monetary policy but also changing the behavior of consumers, employers and workers. The role of a sudden, jarring policy shift is that it quickly alters expectations, signaling to the public that the rules of the game have changed dramatically - prices will not keep rising, nor will wages.”

Naomi Klein (1970) Canadian author and activist

The Shock Doctrine: The Rise of Disaster Capitalism (2007)

Behavior, Game, Change, Parting

“Another war is always coming, Robert. They are never properly extinguished. What sparks war? The will to power, the backbone of human nature. The threat of violence, the fear of violence, or actual violence, is the instrument of this dreadful will… The nation state is merely human nature inflated to monstrous proportions. QED, nations are entities whose laws are written by violence. Thus it ever was, so ever shall it be.”

David Mitchell book Cloud Atlas

"Letters from Zedelghem", p. 462
Cloud Atlas (2004)

War, Fear, Law, Nature

“Competition is the final price determinant and competitive prices may result in profits which force you to accept a rate of return less than you hoped for, or for that matter to accept temporary losses. And, in times of inflation, the rate-of-return concept comes up against the problem of assets undervalued in terms of replacement. Nevertheless, no other financial principle with which I am acquainted serves better than rate of return as an objective aid to business judgment. This principle had governed the thinking of the Finance Committee of General Motors since 1917.”

Alfred P. Sloan (1875–1966) American businessman

Source: My Years with General Motors, 1963, p. 140

Hope, Business, Problem, Thinking

“The centrally planned economies, dissatisfied with the outcome of their own efforts to achieve good economic growth performance, have changed strategy and decided to import high technology from the West. as well as necessary grains to supplement their domestic agicultural supplies. This new approach has opened their economies to Western inflation because imports have been reflecting rising world price. Gold and oil sales at correspondingly rising prices have been used by the Soviet Union to finance part of their import needs. but they are fully enmeshed in world inflation accounting in balancing rising export prices.”

Lawrence Klein (1920–2013) American economist

"Some Economic Scenarios for the 1980's," 1980

World, Effort, Change, Parting

“Instead of funding issues of paper on the hypothecation of specific redeeming taxes (the only method of anticipating, in a time of war, the resources of times of peace, tested by the experience of nations), we are trusting to tricks of jugglers on the cards, to the illusions of banking schemes for the resources of the war, and for the cure of colic to inflations of more wind.”

Thomas Jefferson (1743–1826) 3rd President of the United States of America

Letter to José Correia da Serra (1814) ME 14:224
Posthumous publications, On financial matters

War, Peace, Time

“Central banks have moved to stimulate spending in the face of this attempt to increase savings by lowering interest rates. They lowered them to the zero lower bound without having much effect; the fall in desired savings was too large. We are in a Keynesian liquidity trap. Central banks have tried to stimulate spending by actively increasing the money supply, raising fears of inflation in many circles. But no inflation has resulted as the cash sits idle in corporate coffers. Even at zero interest rates, business firms are reluctant to spend!
What to do? Many pundits say we must simply endure what they call secular stagnation. This is an unhappy prediction. Much better is the Keynesian insight that this is the perfect time for fiscal policy. In the U. S. again, there are immediate needs to repair roads and bridges, rebuild the energy grid, and modernize other means of travel. Keynesian fiscal policy expansion will benefit the economy in both the short and long run.”

Peter Temin (1937) American economist

Why Keynes is Important Today (2014)

Money, Fear, Travel, Business

“See your disappointments as good fortune. One plan's deflation is another's inflation.”

Jean Cocteau (1889–1963) French poet, novelist, dramatist, designer, boxing manager and filmmaker

Diary of an Unknown (1988)

Disappointment

“Whoever controls the volume of money in any country is absolute master of all industry and commerce…. And when you realize the entire system is very easily controlled, one way or another, by a few powerful men at the top, you will not have to be told how periods of inflation and depression originate.”

James A. Garfield (1831–1881) American politician, 20th President of the United States (in office in 1881)

The first sentence, attributed to Garfield since the 1890s http://books.google.com/books?id=-RoPAAAAYAAJ&pg=PA156&dq=%22Whoever+controls+the+volume+of+money%22, is almost certainly a paraphrase of Garfield's "absolute dictator" quote, above. The second part is a late 20th-century commentary misattributed to Garfield. Misattributed

Men, Money, Way, Country

“If we discovered that, you know, space aliens were planning to attack and we needed a massive buildup to counter the space alien threat and really inflation and budget deficits took secondary place to that, this slump would be over in 18 months. … There was a Twilight Zone episode like this in which scientists fake an alien threat in order to achieve world peace. Well, this time, we don't need it, we need it in order to get some fiscal stimulus.”

Paul Krugman (1953) American economist

on CNN's "Fareed Zakaria GPS", August 21, 2011. http://www.huffingtonpost.com/2011/08/15/paul-krugman-fake-alien-invasion_n_926995.html

World, Peace, Time

“Man's ego's inflated, his laws are outdated. They don't apply no more. You can't rely no more to be standing around waiting.”

Bob Dylan (1941) American singer-songwriter, musician, author, and artist

Song lyrics, Slow Train Coming (1979), Slow Train

Law, Waiting

“The first objection to Darwinism is that it is only a guess and was never anything more. It is called a “hypothesis,” but the word “hypothesis,” though euphonioous, dignified and high-sounding, is merely a scientific synonym for the old-fashioned word “guess.” If Darwin had advanced his views as a guess they would not have survived for a year, but they have floated for half a century, buoyed up by the inflated word “hypothesis.” When it is understood that “hypothesis” means “guess,” people will inspect it more carefully before accepting it.”

William Jennings Bryan (1860–1925) United States Secretary of State

God and Evolution (1922)

People, Fashion

“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. If there were, the government would have to make its holding illegal, as was done in the case of gold. If everyone decided, for example, to convert all his bank deposits to silver or copper or any other good, and thereafter declined to accept checks as payment for goods, bank deposits would lose their purchasing power and government-created bank credit would be worthless as a claim on goods. The financial policy of the welfare state requires that there be no way for the owners of wealth to protect themselves.

This is the shabby secret of the welfare statists' tirades against gold. Deficit spending is simply a scheme for the confiscation of wealth. Gold stands in the way of this insidious process. It stands as a protector of property rights. If one grasps this, one has no difficulty in understanding the statists' antagonism toward the gold standard.”

Alan Greenspan (1926) 13th Chairman of the Federal Reserve in the United States

Gold and Economic Freedom http://www.constitution.org/mon/greenspan_gold.htm 1966 1950–60s

Secret, Way, Understanding, Wealth

“Behold the E4 Udderbelly! An Edinburgh Festival venue that's a ruddy inflatable cow!”

Patrick Allen (1927–2006) Film, television and voice actor

E4, E4 Udderbelly

“This sensitivity to the phenomena of recession and inflation is a symptom of an increased public awareness of both the need for and the attainability of economic progress. It is precisely because so much of current industrial and governmental practice can be better in the future that our meetings this year are focused on the broad problem of improving the performance of the American economy. However, as we go about the task of appraisal and criticism, it will be well to discipline our impatience for reform. In the measure that we avoid exaggerating our nation's failures or understating its successes, we shall make it easier for ourselves as well as for economists in other countries to see current needs and developments in a just perspective.”

Arthur F. Burns (1904–1987) American economist and diplomat

Source: "Progress Towards Economic Stability", 1969, p. 101-2

Failure, Problem, Success, Future

“Government is doing the exact opposite of what really needs to be done. George Bush and Barack Obama have pumped trillions more in counterfeit currency and credit into an economy already deathly ill from such treatment. If it goes on, we stand to suffer hyperinflation (all inflation consists of, no matter what they told you in Economics 101, is government generation of phony money) followed by another, very possibly terminal depression. Before it's over, the country — if not the whole world — will be locked down under brutal military rule, and our species likely will never again know freedom, progress, or prosperity.”

L. Neil Smith (1946) American writer

"The Unnecessary Depression," http://www.ncc-1776.org/tle2009/tle504-20090201-02.html 1 February 2009.

Money, World, Freedom, Suffering

“From 280,000-750,000, Armenians initially raised their death count to 800,000 to test the credibility waters. … They are now testing the waters at 2.5-3 million killed as their chances for a congressional genocide resolution recede. It speaks volumes that champions of the inflated death figures have no explanation for why Armenians on the scene would have erred. Think of the absurdity of discarding the current death count of Afghan civilians in the United States-Afghan war in favor of a number deduced in the year 2109!”

Bruce Fein (1947) American lawyer

Lies, Damn Lies, and Armenian Deaths (2009)

Death, War, Thinking, Water

“Inflation is a prequel to the conventional Big Bang theory. …It does provide a theory of the propulsion that drove the universe into this humungous episode of expansion which we call the Big Bang.”

Alan Guth (1947) American theoretical physicist and cosmologist

Lecture 1: Inflationary Cosmology: Is Our Universe Part of a Multiverse? Part I.
The Early Universe (2012)

Universe

“One interesting footnote: although Friedman made great strides in macroeconomics by applying the concept of individual rationality, he also knew where to stop. In the 1970s, some economists pushed Friedman’s analysis of inflation even further, arguing that there is no usable trade-off between inflation and unemployment even in the short run, because people will anticipate government actions and build that anticipation, as well as past experience, into their price-setting and wage-bargaining. This doctrine, known as “rational expectations,” swept through much of academic economics. But Friedman never went there.”

Paul Krugman (1953) American economist

"Who Was Milton Friedman?", The New York Review of Books (February 15, 2007)
The New York Review of Books articles

People, Past

“Because the — all which is on the table begins to address the big cost drivers. For example, how benefits are calculate, for example, is on the table; whether or not benefits rise based upon wage increases or price increases. There's a series of parts of the formula that are being considered. And when you couple that, those different cost drivers, affecting those — changing those with personal accounts, the idea is to get what has been promised more likely to be — or closer delivered to what has been promised. Does that make any sense to you? It's kind of muddled. Look, there's a series of things that cause the — like, for example, benefits are calculated based upon the increase of wages, as opposed to the increase of prices. Some have suggested that we calculate — the benefits will rise based upon inflation, as opposed to wage increases. There is a reform that would help solve the red if that were put into effect. In other words, how fast benefits grow, how fast the promised benefits grow, if those — if that growth is affected, it will help on the red.”

George W. Bush (1946) 43rd President of the United States

4 February 2005
http://www.snopes.com/politics/bush/muddled.asp
2000s, 2005

Idea, Sense, Change, Help

“[Australian Reserve Bank] Governor MacFarlane said recently when Paul Volcker broke the back of American inflation it's regarded as the policy triumph of the Western world. When I broke the back of Australian inflation they say, "Oh, you're the fellow that put the interest rates up." Am I not the same fellow that gave them the 15 years of good growth and high wealth that came from it?”

Paul Keating (1944) Australian politician, 24th Prime Minister of Australia

7:30 Report interview, May 8, 2006

World, Wealth

“In the sixties, the recycling of pop culture — turning it into Pop art and camp — had its own satirical zest. Now we're into a different kind of recycling. Moviemakers give movies of the past an authority that those movies didn't have; they inflate images that may never have compelled belief, images that were no more than shorthand gestures — and they use them not as larger-than-life jokes but as altars.”

Pauline Kael book State of the Art

"A Bad Dream/A Masterpiece," review of The Moon in the Gutter (1983-09-19), p. 48.
State of the Art (1985)

Life, Art, Past

“Today, of course, our current inflation problem is firmly rooted in the irresponsible monetary policies of maestro Greenspan.”

Peter D. Schiff (1963) American entrepreneur, economist and author

Quotes from Crash Proof (2006)

Problem

“At the ULB, Brout and I initiated a research group in fundamental interactions, that is, in the search for the general laws of nature. Joined by brilliant students, many of them becoming world renowned physicists, our group contributed to the many fields at the frontier of the challenges facing contemporary physics. While the mechanism discovered in 1964 was developed all over the world to encode the nature of weak interactions in a "Standard Model," our group contributed to the understanding of strong interactions and quark confinement, general relativity and cosmology. There we introduced the idea of a primordial exponential expansion of the universe, later called inflation, which we related to the origin of the universe itself, a scenario, which I still think may possibly be conceptually the correct one. During these developments, our group extended our contacts with other Belgian universities and got involved in many international collaborations.
With our group and many other collaborators I analysed fractal structures, supergravity, string theory, infinite Kac-Moody algebras and more generally all tentative approaches to what I consider as the most important problem in fundamental interactions: the solution to the conflict between the classical Einsteinian theory of gravitation, namely general relativity, and the framework of our present understanding of the world, quantum theory.”

François Englert (1932) Belgian theoretical physicist

excerpt[François Englert - Biographical, Nobel Prize in Physics (nobelprize.org), 2013, https://www.nobelprize.org/nobel_prizes/physics/laureates/2013/englert-bio.html]

World, Law, Search, Idea

“Money, first and foremost, is a medium of communication, conveying the information we call 'price'. Government control of the money supply is censorship, a violation of the First Amendment. Inflation is a lie.”

L. Neil Smith (1946) American writer

"Some New Tactical Reflections".

Money, Lie, Communication

“The acid test of monetary policy is its record in reducing inflation. Those who wish to join the debate about the intricacies of different measures of money and the implications they may have for the future are welcome to do so. But at the end of the day the position is clear and unambiguous. The inflation rate is judge and jury.”

Nigel Lawson (1932) British Conservative politician and journalist

Mansion House Speech (17 October 1985), quoted in The View from No. 11: Memoirs of a Tory Radical (London: Bantam, 1992), pp. 480-481.

Money, Future

“I don’t believe we’re in for a crash now. It's much more likely that government will just conceal the continuation of inflation by price controls. But if anything is worse than an open inflation, it’s a repressed inflation. What you’re likely to get is not a violent deflation but increasing stagnation of productivity.”

Friedrich Hayek (1899–1992) Austrian and British economist and Nobel Prize for Economics laureate

1980s and later, Interview in Silver & Gold Report (1980)

“Inflation is really like drugging the baby universe with speed. The supercool union of the hitherto unfriendly gods was blessed by amphetamine, and this made the universe inflate rather than just expand. The early orgy of expansion in the universe comes to an abrupt end as soon as the supercooled particle stuff finally freezes.”

João Magueijo (1967) Portuguese scientist

pg. 115
Faster than the Speed of Light

God, Universe, Baby, Speed

“So: if the chronic inflation undergone by Americans, and in almost every other country, is caused by the continuing creation of new money, and if in each country its governmental "Central Bank" (in the United States, the Federal Reserve) is the sole monopoly source and creator of all money, who then is responsible for the blight of inflation? Who except the very institution that is solely empowered to create money, that is, the Fed (and the Bank of England, and the Bank of Italy, and other central banks) itself?”

Murray N. Rothbard (1926–1995) American economist of the Austrian School, libertarian political theorist, and historian

The Case against the Fed.

Money, Country

“Sir Michael Spicer: What are the characteristics of old Labour that he dislikes so much?
Tony Blair: I am afraid that the Hon. Gentleman will have to repeat that.
Sir Michael Spicer: What are the characteristics of old Labour that he dislikes so much?
Tony Blair: Basically, that it never won two successive terms of Government and, perhaps, that it never put the Conservative party flat on its back, which is where it is now. Thankfully, we are running an economy with low inflation, low mortgage rates and low unemployment; fortunately, we are doing a darn sight better than the Government of whom the right hon. Gentleman was a Member, who had—I thank him for allowing me to mention this—interest rates at 10 per cent. for four years, 3 million unemployed and two recessions. Whether it is old Labour or new Labour, it is a darn sight better than the Tories.”

Tony Blair (1953) former Prime Minister of the United Kingdom

Hansard http://archive.is/20130707074457/http://www.publications.parliament.uk/pa/cm200405/cmhansrd/cm050126/debtext/50126-03.htm%2350126-03_spnew24, House of Commons, 6th series, vol. 430, col. 302. In the House of Commons, 26 January 2005. 2000s

Success

“I could never really make the connection between Christian and Catholic. I always imagined that Christ would look down upon the Catholic church and totally disassociate himself from it. I went to severe schools, working class schools, where they would almost chop your fingers off for your own good, and if you missed church on Sunday and went to school on a Monday and they quizzed you on it, you'd be sent to the gallows. It was like 'Brush you teeth NOW or you will DIE IN HELL and you will ROT and all these SNAKES will EAT you'. And I remember all these religious figures, statues, which used to petrify every living child. All these snakes trodden underfoot and blood everywhere. I thought it was so morbid. I mean the very idea of just going to church anyway is really quite absurd. I always felt that it was really like the police, certainly in this country at any rate, just there to keep the working classes humble and in their place. Because of course nobody else but the working class pays any attention to it. I really feel quite sick when I see the Pope giving long, overblown, inflated lectures on nuclear weapons and then having tea with Margaret Thatcher. To me it's total hypocrisy. And when I hear the Pope completely condemning working class women for having abortions and condemning nobody else… to me the whole thing is entirely class ridden, it's just really to keep the working classes in perpetual fear and feeling total guilt.”

Morrissey (1959) English singer

from "All men have secrets and these are Morrissey’s", interview by Neil McCormick,Hot Press (4 May 1984)
In interviews etc., About life and death

Women, Fear, School, Feeling

“In the final analysis, The Better Angels of Our Nature is an inflated political tract that misuses data and rewrites history in accord with its author’s clear ideological biases, while finding ideology at work only in the actions of his opponents. […] Small wonder, then, that the message of Better Angels pleases so well the editors of the New York Times and the large U. S. permanent-war establishment. It is regrettable that despite its manifest problems, the book has bamboozled so many other people who should know better.”

Edward S. Herman (1925–2017) American journalist

Herman and Peterson (2012), Reality Denial: Steven Pinker’s Apologetics for Western-Imperial Violence http://www.coldtype.net/Assets.12/PDFs/0812.PinkerCrit.pdf, pp. 92-93. 2010s

War, People, Books, Angels

“Inflation is the unhappy result of our monetary mismanagement and the ultimate cause of the coming economic collapse.”

Peter D. Schiff (1963) American entrepreneur, economist and author

Quotes from Crash Proof (2006)

“Though he died in 1946, Keynes still dominated economics at Cambridge in the mid-1960s. It wasn't just that all the leading figures among the faculty, Richard Kahn, Joan Robinson, Brian Reddaway, David Champernowne, Nicholas Kaldor, and James Meade, had been his pupils and/or collaborators. It was the tone of the place. The study of economics, theoretical or empirical, was driven by the desire to improve the conduct of economic policy. This did not mean that pure theory was neglected. Indeed, in those years Robinson was fighting a stirring battle in the realms of high theory with Paul Samuelson and Robert Solow from the Massachusetts Institute of Technology. Nor was Cambridge innocent of the cutting edge of econometric technique. Richard Stone, who, following Keynes's suggestions, had created the first modern national income accounts, was still director of the Department of Applied Economics where much of modern econometrics was pioneered. Nonetheless, we were taught that theory and technique should serve the higher cause of rational economic policies, and to use our newly learned econometric expertise to write essays on unemployment, or inflation, or the balance of trade, or some other topic at the top of the current political agenda.”

John Eatwell, Baron Eatwell (1945) British economist

"Citizen Keynes", 1994

Study, Learning, Fight

“Sen. Bob Smith has succeeded in amending an upcoming appropriations bill to beat back the latest wave of Clinton administration disrespect for two key elements of a free citizenry -- privacy and the right to keep and bear arms. Senator Smith is to be praised for keeping his eye on some balls that might have been lost in the smoke of scandal and misinformation that the Clinton Administration seems endlessly to emit. Actually, few things could make the need for vigorous defense of 2nd Amendment rights clearer than the ongoing spectacle of Clinton['s] contempt for the citizens he is supposed to serve. For the 2nd Amendment is really in the Constitution to give men like Bill Clinton something to think about when their ambition gets particularly over-inflated. The Founders added the 2nd Amendment so that when, after a long train of abuses, a government evinces a methodical design upon our natural rights, we will have the means to protect and recover our rights. That is why the right to keep and bear arms was included in the Bill of Rights.”

Alan Keyes (1950) American politician

The reason for the Second Amendment, WorldNetDaily, Aug. 14, 1998. http://www.wnd.com/news/article.asp?ARTICLE_ID=18629 1998

Men, Nature, Thinking, Training

“Certainly no nation ever before abandoned to the avarice and jugglings of private individuals to regulate according to their own interests, the quantum of circulating medium for the nation — to inflate, by deluges of paper, the nominal prices of property, and then to buy up that property at 1s. in the pound, having first withdrawn the floating medium which might endanger a competition in purchase. Yet this is what has been done, and will be done, unless stayed by the protecting hand of the legislature. The evil has been produced by the error of their sanction of this ruinous machinery of banks; and justice, wisdom, duty, all require that they should interpose and arrest it before the schemes of plunder and spoliation desolate the country.”

Thomas Jefferson (1743–1826) 3rd President of the United States of America

Letter to William C. Rives (1819) ME 15:232
Posthumous publications, On financial matters

Wisdom, Justice, Error, Evil

“In one respect, however, I agree that monetarism was wrong, namely, to the extent that it failed to recognize the need to allow inflation to occur to the extent that it was solely due to falling output or productivity—a case I have argued, along with the symmetrical one for letting prices fall as productivity improves, in my IEA pamphlet Less Than Zero.”

George Selgin (1957) economist

In Defense of Monetarism (2008)

“We used to think that you could spend your way out of a recession and increase employment by cutting taxes and boosting government spending. I tell you in all candour that that option no longer exists, and in so far as it ever did exist, it only worked on each occasion since the war by injecting a bigger dose of inflation into the economy, followed by a higher level of unemployment as the next step.”

James Callaghan (1912–2005) Prime Minister of the United Kingdom; 1976-1979

Labour Party Annual Conference Report 1976, page 188.
Speech at the Labour Party Conference, 28 September 1976. This part of his speech was written by his son-in-law, future BBC Economics correspondent Peter Jay.
Prime Minister

War, Way, Thinking

“…Britain has a hugely inflated sense of self. …”

Zia Haider Rahman British novelist

"Zia Haider Rahman in the Reckford Lecture in European Studies “Brexit: The Reckoning”'at the University of North Carolina" http://https://twitter.com/iah_unc/status/966830318778028032 Feb 22, 2018. Retrieved on 2018-02-25.

Sense

“There are a number of imperfections in the new South Africa where I would have hoped that things would be better, but on balance I think we have basically achieved what we set out to achieve. And if I were to draw balance sheets on where South Africa stands now, I would say that the positive outweighs the negative by far. There is a tendency by commentators across the world to focus on the few negatives which are quite negative, like how are we handling AIDS, like our role vis-à-vis Zimbabwe. But the positives – the stability in South Africa, the adherence to well-balanced economic policies, fighting inflation, doing all the right things in order to lay the basis and the foundation for sustained economic growth – are in place.”

F. W. de Klerk (1936) South African politician

Interview with Richard Stengel https://web.archive.org/web/20110622073025/http://www.cfr.org/southern-africa/hbo-history-makers-series-frederik-willem-de-klerk/p7114?breadcrumb=%2Fregion%2F151%2Fsouthern_africa (8 June 2004) 2000s, 2004

World, Hope, Thinking, Fight

“In fact, the only person to rival Friedman for policy influence in the twentieth century is John Maynard Keynes, who had a strikingly different view of the role of government. Keynes was influential because he advocated more government intervention into what he perceived as poorly functioning private economies caught up in the Great Depression. In contrast to Keynes, Friedman put the main blame for the Depression on government failures, especially of monetary policy. Hence, the Depression did not make Friedman a fan of big government. He also found in the Federal Reserve’s failure to prevent deflation an argument in favor of monetary rules. As the world evolved— with low inflation becoming the major mission of central banks and free markets and secure property rights becoming the main policies to promote economic growth—Friedman surely won the intellectual battle.”

Robert Barro (1944) American classical macroeconomist

Source: Nothing Is Sacred (2002), p. 2

World, Failure, Personality

“We had to dispel the notion that the way to economic success lies through a sort of fiscal levitation. That was the abiding post-war delusion—that governments could spend and borrow their way to prosperity, and fine-tune the performance of the economy through something known pretentiously as demand management…It used to be an establishment nostrum that you need a budget deficit to get economic growth. That was the belief which lay behind the notorious letter by 364 economists in March 1981. We have given the lie to that, decisively. There can no longer be any argument about it. Everyone—or almost everyone—now accepts that the proper role of macro-economic policy is to keep downward pressure on inflation and to maintain a stable framework in which the private sector can expand.”

Nigel Lawson (1932) British Conservative politician and journalist

Nigel Lawson, Tax Reform: The Government's Record (Conservative Political Centre, June 1988).

War, Lie, Way, Decision

“Q: Who caused the inflation?
A: The Chancellor of the Exchequer.
Q: How did he cause it?
A: By putting a flood of new money into circulation.
Q: Why did he do that?
A: To prevent the exchange rate of the pound rising last year.
Q: Why did he want to stop it rising?
A: To keep level with the Deutschmark.
Q: What for?
A: To make it easier to join the EMS.”

Enoch Powell (1912–1998) British politician

On the resurgence of inflation in the late 1980s (The Guardian, 24 July, 1989).
1980s

Money

“Economists’ instincts are that uncertainty about current prices, future prices, and the real meaning of nominal trade-offs between the present and the future; distortions introduced by the failure of government finance to be inflation-neutral; windfall redistributions; and the focusing of attention not on preferences, factors of production, and technologies but on predicting the future evolution of nominal magnitudes must degrade the functioning of the price system and reduce the effectiveness of the market economy at providing consumer utility. The cumulative jump in the price level as a result of the inflation of the 1970s may have been very expensive to the United States in terms of the associated reduction in human welfare.”

J. Bradford DeLong (1960) American economist

Ch. 6 : "America’s Peacetime Inflation: The 1970s" in Reducing Inflation: Motivation and Strategy (1997) edited by Christina D. Romer and David H. Romer

Failure, Future

“Let the universe have only two dimensions, and let it be the surface of an india rubber ball. It is only the surface that is the universe, not the ball itself. …Let there be specks of dust fixed to the surface to represent the different galactic systems. If the ball is inflated, the universe expands, and these specks of dust will recede from each other, their mutual distances, measured along the surface, will increase in the same rate as the radius of the ball. An observer in any one of the specks will see all the others receding from himself, but it does not follow that he is the centre of the universe. The universe (which is the surface of the ball, not the ball itself) has no centre.”

Willem de Sitter (1872–1934) Dutch cosmologist

Kosmos (1932)

Universe

“The acceleration of the number of traders buying into the market in the inflating bubble captures the oft-quoted observation that bubbles are times when the "greater fool theory" applies.”

Didier Sornette (1957) French scientist

Source: Why Stock Markets Crash - Critical Events in Complex Systems (2003), Chapter 6, Hierarchies, Complex Fractal Dimensions, And Log Periodicity, p. 185.

Fools, Quotes, Time

“I am going to negotiate with the IMF on the basis of our existing policies, not changes in policies, and I need your support to do it. (Applause) But when I say "existing policies", I mean things we do not like as well as things we do like. It means sticking to the very painful cuts in public expenditure (shouts from the floor) on which the Government has already decided. It means sticking to a pay policy which enables us, as the TUC resolved a week or two ago, to continue the attack on inflation. (Shout of, "Resign".)”

Denis Healey (1917–2015) British Labour Party politician and Life peer

Speech at the Labour Party Conference (30 September 1976), quoted in Labour Party Annual Conference Report 1976, p. 319. Healey had been forced to abandon plans to attend an international finance ministers' conference in order to speak to the conference because of a run on the pound.
1970s

Pain, Support, Change

“Foreign debt and inflation have nothing to do with my decision. Indeed, I can assure you that [the Falklands war is] not going to alleviate inflation or debt. It is true that the Falklands have served to unite Argentines. But I swear and repeat that the idea of solving these issues through war has never crossed my mind.”

Leopoldo Galtieri (1926–2003) Argentine military dictator

Reportaje de Oriana Fallaci a Leopoldo F. Galtieri http://archivohistorico.educ.ar/content/reportaje-de-oriana-fallaci-leopoldo-f-galtieri#sthash.ZQrMQt2O.dpuf, Revista El porteño, August 1982

War, Idea, Decision