Source: Independent Institute
by Kristian Fors
“Milton Friedman once famously stated that ‘inflation always and everywhere is a monetary phenomenon.’ Inflation results from an increase in the money supply and a decline in the real value of fiat currency relative to goods and services. Prices can increase for a variety of reasons unrelated to the money supply, but that is not inflation. While the Iran conflict is certainly going to cause government policy-fueled price increases, there is a technical difference between that and inflation. Military actions do not directly cause inflation; however, they can be enabled by inflation, given the government’s capacity to print money and expand the budget.” (03/30/26)
https://www.independent.org/article/2026/03/30/not-everthing-is-inflation/