‘’Inflation is everywhere and at all times a monetary phenomenon.’’
He is and always has been exactly right in that sentiment. Therefore, since government control the supply of money, inflation is entirely a governmental phenomenon.
Hold on...run that past me again...
The defintion of inflation is too much money chasing too few goods, and a very sound one it is, too.
When production of goods and services cannot keep up with the supply of money, for whatever reason, inflation ensues.
Are you old enough to remember the 1970s? That's when the US got its first modern (i.e. post-WW II) dose of close-to super-inflation. We're in for another dose, right here, right now -- same reason.
In the 1970s, it was the cumulative result of LBJ's ''guns-and-butter'' policy plus Nixon's closing of the gold window, plus of course the one-world clowns encouraging the Arabs to strike at Israel (and then, when Israel kicked their arses, retaliating with the first oil embargo).
These days, it's the goobermint restrictions on energy production, the impending bankruptcy of numerous goobermint pension schemes (which requires them to print ''money'' to keep the game going a bit longer), the utterly lunatic concept of burning food to get a poor mass-mkt fuel, and of course the ascendance of the one-worlders, who quite naturaly find a populace stuck with a depreciating currency MUCH more amenable to their blandishments.
Frankly, I'm astonished you didn't see the point of my argument first time around. What's up with that?