John Tamny of RealClearMarkets
Inflation’s decline in the ’80s thanks to a resurgent dollar seemingly proved once and for all that it is always monetary in nature–specifically the result of debased money. From post-World War I Germany to the U.S. in the ’70s and this decade, to Zimbabwe at present, inflation only rears its ugly head when the value of money declines.
Despite this settled logic, there still exist economists who believe inflation is caused by too much economic growth. Sadly, many of those true believers work at our Federal Reserve.
