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Milton Friedman - Wikiquote
Inflation is always and everywhere a monetary phenomenon in the sense that it is and can be produced only by a more rapid increase in the quantity of money than in output. ... A steady rate of monetary growth at a moderate level can provide a framework under which a country can have little inflation and much growth. It will not produce perfect stability; it will not produce heaven on earth; but it can make an important contribution to a stable economic society.
  • The Counter-Revolution in Monetary Theory (1970)

Always is a very strong claim, it just needs one example to be proven false. Now, as you know the inflation of Sweden and Switzerland during world war two was a bit of rollercoster:

I haven't been able to find Switzerland's amount of money these years, but I did find
 a long term graph for Sweden (M3 in percentage of GDP). So according to the theory we are expecting a big increase in 1939.

No big uptick in 1939 as far as I can see. No uptick at all until the end of the war (when inflation is down)

Myth busted.

Sweden's finest (and perhaps only) collaborative, leftist e-newspaper Synapze.se

by A swedish kind of death on Wed Jan 15th, 2014 at 03:02:56 AM EST

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