Peterson’s Law of Inflation
by William H. Peterson
But still, would governments consciously inflate against their own citizens? The thought was too dismal, the theory too disconcerting. We never got to check out the connection, if any, between inflation and public debts, for we left the Museum of Moneys of the World – that monetary graveyard – for the purer air and traffic of New York’s Sixth Avenue and fished in our pockets for a fifteen cent subway token to take a ride that had cost a nickel not so long ago.*
*Current 2007 price of New York City subway ride is $2.
This article was originally published in National Review, December 19, 1959.
I’d suggest that inflation is a mandatory element of any financial plan.
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