Milton Friedman as Inflationist

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For proof positive of Milton Friedman’s inflationism, read this. Here’s an extract of what Milton said:

“Now, the Bank of Japan’s argument is, ‘Oh well, we’ve got the interest rate down to zero; what more can we do?’

“It’s very simple. They can buy long-term government securities, and they can keep buying them and providing high-powered money until the high-powered money starts getting the economy in an expansion. What Japan needs is a more expansive domestic monetary policy.”

7:45 am on August 12, 2012
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