The old Milton Friedman quote is still true, as far as we know: > “Inflation is always and everywhere a monetary phenomenon in the sense that it is and can be

The old Milton Friedman quote is still true, as far as we know: > “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.” What has changed it that "the quantity of money" has become much harder to figure out. > all prices will be higher, but salary will be higher too Salaries are the price of labor. As other prices go up, there is no particular reason these prices wouldn't do the same.