… is from Milton Friedman’s February 1963 speech “Inflation: Causes and Consequences“:
Inflation is always and everywhere a monetary phenomenon.
DBx: Although this gem of an observation by Friedman is quite famous, I’ve never before featured it as a Quotation of the Day. Now seems an appropriate time to rectify that oversight.
Milton Friedman was born in Brooklyn on this date – July 31st – in 1912.
