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Quotation of the Day…

… 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.

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