Inflation Quotes - page 12
The Government know perfectly well that, in order to cope with the rising inflation and disastrous trade balance, it is indispensable to budget for a severe increase in taxation and a further reduction in the rate of growth of public expenditure. They have the majority and the authority to do this now. They do not need an election in order to act in the national interest. Nor do they need an election to get the country back to full-time work. Neither the miners nor the other trade unions have broken the law or threatened to break it. There is nothing sacrosanct about stage 3 or the Government's interpretations of it. A settlement will have to be found in the mining industry – and in every other industry – which will get the necessary labour into the necessary jobs.
Enoch Powell
There is the guilty knowledge that a fall in the rate of inflation must be accompanied by a rise in the rate of unemployment and that a sharp fall from a high rate of inflation must have severe consequences, which are inescapable. This is because an economy geared to inflation at 25 per cent per annum has to undergo a terrific readjustment to change to expectation of only 15 per cent or 10 per cent per annum inflation. Since inflation cannot go on up for ever, this prospect is inescapable.
Enoch Powell
Enoch was right. He had made the two intellectual leaps in economic policy which Keith Joseph and I would only make some years later. First, he had grasped that it was not the unions which caused inflation by pushing up wages, but rather the Government which did so by increasing the supply of money in the economy. Consequently, incomes policies...were a supreme irrelevance to anti-inflation policy. The only aspect of the matter which Enoch then and later failed sufficiently to grasp was the importance of the indirect link between trade union power and inflation. This lay in the fact that over-powerful trade unions priced their own members out of jobs, and inflicted unemployment on both union and non-union workers alike. Governments...would then react by lowering interest rates and expanding the money supply. This would increase demand and jobs for a time, but it also increased inflation... That said, Enoch's insight into the cause of inflation was of supreme importance.
Enoch Powell
As taxpayers we gave one of Warren Buffet's companies, in 2006, an interest-free loan of $665 million dollars, and he only has to pay half of it back 28 years from now. ...Imagine ...you bought a house in 1980 at the price in 1980. Up until now [2009] you haven't made any payments on the house, and this year you have to pay half in the... dollars you agreed to back then, no adjustment for inflation. Do you think that alone might make you a wealthy man?
Warren Buffett
Refusing to heed his argument the French people had again to be punished more severely than in John Law's time: the over-issue of assignats and mandats during the Revolution came forty years after his warning; and paper money inflation was again paid for by widespread bankruptcy and ruin.
Andrew Dickson White
These steps will enhance our productivity - raising wages without raising prices. That won't increase inflation. It will take the pressure off of inflation, give a boost to our workforce, which leads to lower prices in the years ahead. So, if your primary concern right now is inflation, you should be even more enthusiastic about this plan. And as we promote - as we promote fair competition in our economy through the executive order I mentioned, it will drive down prices even further.
Joe Biden
I always regarded free trade as far more important than all the other ambitious and often counter-productive strategies of global economic policy – for example the policies of 'co-ordinated growth' which led principally to inflation. Free trade provided a means not only for poorer countries to earn foreign currency and increase their peoples' standards of living. It was also a force for peace, freedom and political decentralization: peace, because economic links between nations reinforce mutual understanding with mutual interest; freedom, because trade between individuals bypasses the apparatus of the state and disperses power to customers not planners; political decentralization, because the size of the political unit is not dictated by the size of the market and vice versa.
Margaret Thatcher
