The Corner

The one and only.

Ron Paul’s “Monetary Theory”


Wars can be financed in ways that lead to inflation, and inflation can further impoverish the poor. But there is no immutable law that makes it true in all times and places that wars lead to inflation and immiseration, and I think that the argument that it is true in our time and place is pretty hard to sustain.


Sign up for free NRO e-mails today:

Subscribe to National Review