In his 2012 speech at the Western Economic Association International, John C Williams, then the president and CEO of the Federal Reserve Bank of San Francisco, and since the president and CEO of the all-powerful New York Fed quoted Milton Friedman’s famous dictum that “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.” Williams went on to state that the Fed was “currently engaged in a test of this proposition. Over the past four years, the Federal…

Join The Currency

INTRODUCTORY OFFER: Full annual membership for just €200.

Don’t miss out on what is going on with our daily unique stories from our team of skilled journalists and insightful commentators.

Members of The Currency get full access to over 4,000 exclusive interviews, investigations, and analysis, plus over 460 podcasts.

Annual membership is just €200 for the first year, a saving of €100.

Or try The Currency for the first month for a special introductory rate of €5, a saving of €20.

Cancel at any time.

To become a member today click here.