, Columnist
The Fed Doesn’t Fear Inflation. Its Critics Have Longer Memories
Milton Friedman saw the great uptick of the 1970s coming, and Larry Summers has similar warnings today. Jerome Powell would do well to listen.
High velocity.
Photographer: Andrew Harrer/Bloomberg
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“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.”
It was in a lecture delivered in London in 1970 that Milton Friedman uttered those famous words, the credo of monetarism.