A Quote by Ben Bernanke
Since World War II, inflation - the apparently inexorable rise in the prices of goods and services - has been the bane of central bankers.
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There is no such thing as agflation. Rising commodity prices, or increases in any prices, do not cause inflation. Inflation is what causes prices to rise. Of course, in market economies, prices for individual goods and services rise and fall based on changes in supply and demand, but it is only through inflation that prices rise in aggregate.
Models used to describe and predict inflation commonly distinguish between changes in food and energy prices - which enter into total inflation - and movements in the prices of other goods and services - that is, core inflation.
A crucial responsibility of any central bank is to control inflation, the average rate of increase in the prices of a broad group of goods and services.
The idea that when people see prices falling they will stop buying those cheaper goods or cheaper food does not make much sense. And aiming for 2 percent inflation every year means that after a decade prices are more than 25 percent higher and the price level doubles every generation. That is not price stability, yet they call it price stability. I just do not understand central banks wanting a little inflation.
What people today call inflation is not inflation, i.e., the increase in the quantity of money and money substitutes, but the general rise in commodity prices and wage rates which is the inevitable consequence of inflation.
As the Pentagon makes plans for the largest troop rotation since World War II, I will work with the Armed Services Committee to help make this proposal a reality.
If global oil prices or commodity prices are high, then it is bound to create inflation. So, we should not be too worried if the inflation is created by global commodity prices. When they come down, inflation will automatically come down.
World War II made war reputable because it was a just war. I wouldn't have missed it for anything. You know how many other just wars there have been? Not many. And the guys I served with became my brothers. If it weren't for World War II, I'd now be the garden editor of The Indianapolis Star. I wouldn't have moved away.
The essence of the problem is that the war against inflation is over, ... Ever since 1979 the Fed was fighting a war against inflation, and you always knew which way you wanted the inflation rate to go over the long run -- down.
Germany was beaten after World War I, but it didn't take long for it to rise again as a much more malignant threat. The end of World War II was not to be a compromise; it was to come about from the total annihilation of the enemies' ability and will to make war.
The greatest crime since World War II has been U.S. foreign policy.
I have read a great deal of economic theory for over 50 years now, but have found only one economic "law" to which I can find NO exceptions: Where the State prevents a free market, by banning any form of goods or services, consumer demand will create a black market for those goods or services, at vastly higher prices. Can YOU think of a single exception to this law?
In times of conflict, our citizens have always been able to rise to the challenge. Maybe no greater example of that ability is found during the onset of World War II.
It's important to remember that World War II was experienced very much as a continuity in that sense. Most of World War II in most of Europe wasn't a war; it was an occupation. The war was at the beginning and the end, except in Germany and the Soviet Union, and even there really only at the end. So the rest of time it's an occupation, which in some ways was experienced as an extension of the interwar period. World War II was simply an extreme form, in a whole new key, of the disruption of normal life that began in 1914.
Because food and energy prices are volatile, it is often helpful to look at inflation excluding those two categories - known as core inflation - which is typically a better indicator of future overall inflation than recent readings of headline inflation.
The perfect fascist state needs to operate in conditions of perpetual warfare. Have you ever noticed how the world has been in constant crisis since World War II?
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