David Adams

Milton Friedman: “Inflation is just like alcoholism. In both cases when you start drinking or when you start printing too much money, the good effects come first. The bad effects only come later.” “That’s why in both cases there is a strong temptation to overdo it: to drink too much and to print too much money.” “When it comes to the cure, it’s the other way around. When you stop drinking or when you stop printing money, the bad effects come first and the good effects only come later. That’s why it’s so hard to persist with the cure.”