Inflation is always and everywhere a monetary phenomenon.” Milton Friedman made this remark in 1963. At that time, few macroeconomists agreed with him. Twenty years later a high proportion did. Twenty years after that, again most did not. Today, almost another two decades later, economists have to take money seriously again. If money is ignored, it will take revenge. As Bridgewater’s Ray Dalio recently asked: “Where is the understanding of history and the common sense about the quantity of money and credit and the amount of inflation?”
“无论何时何地，通胀都是一种货币现象。”米尔顿•弗里德曼(Milton Friedman)在1963年说了这句话。当时没几个宏观manbetx20客户端下载 学家赞同他的观点。过了20年后，很多人赞同了。又过了20年，多数人又都不赞同了。今天，又是将近20年过去了，manbetx20客户端下载 学家不得不再次重视起货币。如果忽略了货币，就要承受后果。正如桥水(Bridgewater)的雷•达里奥(Ray Dalio)最近所问：“我们对历史谈何理解？对货币和信贷数量以及通胀程度的常识又在哪里？”