Theodore White Quotes

The most important thing to remember is that inflation is not an act of God, that inflation is not a catastrophe of the elements or a disease that comes like the plague. Inflation is a policy.

Inflation is a monetary phenomenon. It is made by or stopped by the central bank.

After a long period in which the desired direction for inflation was always downward, the industrialized world's central banks must today try to avoid major changes in the inflation rate in either direction.

I have never believed that central banks should have rigid inflation targeting. That is not a good thing to stabilize. There is nothing in economic theory to back this.

Our purpose is to lean against the winds of deflation or inflation, whichever way they are blowing.

If by carelessness in controlling inflation and imposing controls on our general economy we are unable to meet these temporary but vital calls upon us, we will be courting real disaster.

Whip Inflation Now

During the 1970s, inflation expectations rose markedly because the Federal Reserve allowed actual inflation to ratchet up persistently in response to economic disruptions - a development that made it more difficult to stabilize both inflation and employment.

I have said repeatedly that the way to sustainable growth is to bring down inflation to much more reasonable levels.

Bolivia was the first country to stop hyperinflation in a democracy without depriving people of their civil rights and without violating human rights.

No one thinks of controlling inflation of a continental-sized country by holding back municipal tariffs. Macroeconomic stability cannot be achieved through microeconomic intervention.

When the Fed decides that inflation is too high, they have the tools, and they've shown historically that they have the will, to bring it down. And, it might be painful.

The United States has experienced high rates of inflation in the past and appears to be running the same type of fiscal policies that engendered hyperinflations in 20 countries over the past century.

There is a big logical jump between acknowledging the destructive nature of hyperinflation and arguing that the lower the rate of inflation, the better.

Inflation is repudiation.

Inflation, being a fraudulent invasion of property, could not take place on the free market.

Inflation has always been an important resource of policies of war and revolution and why we also find it in the service of socialism.

Low and stable inflation in many countries is an important accomplishment that will continue to bring significant benefits.

The Fed needs an approach that consolidates the gains of the Greenspan years and ensures that those successful policies will continue - even if future Fed chairmen are less skillful or less committed to price stability than Mr. Greenspan has been.

Domestic inflation reflects domestic monetary policy.

And I am convinced that a single focus on preserving the purchasing power of the dollar, in effect, guarding against inflation or deflation, actually creates a solid foundation for the greatest job growth and the strongest economy that America can have.

I reject the advice of those who think the only way to fight inflation is to throw millions of people out of work .... I guarantee you that I will not fight inflation with your jobs.

The country needed someone credible to fight inflation and Volker was the man for the job…. He understood that the government had to establish credibility in order to give policy makers flexibility when they needed it.

During the Greenspan-Bernanke era, the Fed has embraced the view that stability in the economy and stability in prices are mutually consistent. As long as inflation remains at or below its target level, the Fed's modus operandi is to panic at the sight of real or perceived economic trouble and provide emergency relief.

The Federal Reserve has an official commitment to two different policies. One is to prevent inflation from getting too high. The second is to maintain high employment... the European Central Bank has only the first. It has no commitment to keep employment up.