In order for all prices to rise—in other words, in order for the value of money to fall—it is necessary, it is elementary, that the supply of money, … - Enoch Powell
" "In order for all prices to rise—in other words, in order for the value of money to fall—it is necessary, it is elementary, that the supply of money, whatever precisely is meant by that, or whatever precise measurement is applied to it, should be increasing relative to the supply of goods and services; and since the supply of goods and services, however unsatisfactory we might find its growth, is certainly not diminishing, we are clearly confronted with the effective consequences of a growth in the money supply. Indeed, in a modern economy, long-term inflation—that which we have experienced in the past and of which we are experiencing an acute phase at the moment—can be explained or accounted for only in terms of the rate of increase of the money supply.
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About Enoch Powell
John Enoch Powell (16 June 1912 – 8 February 1998) was a British politician, classical scholar, author, linguist, soldier, philologist, and poet. He served as a Conservative Member of Parliament (1950–1974), then Ulster Unionist Party (UUP) MP (1974–1987), and was Minister of Health (1960–1963).
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J. Enoch Powell
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John Enoch Powell
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[A]s long as the rate is fixed the speculator is on a one-way option. As soon as the rate is determined by the market, speculation is equal and opposite at the market rate. One has only to imagine what would be the position—and it is not an entirely out-of-the-way analogy—if there were to be fixed rates on the Stock Exchange. Everyone would know when they were false and did not correspond with the realities. The consequence would be that from time to time we should have to unpeg the fixed rates, with catastrophic changes of value, instead of the market rates being determined by the judgments of all who participate in the market. The same happens with a floating rate for a currency.
In old age it is no longer possible to credit the sheer, almost physical agony which is caused in youth by the passage of time, when the turning of spring into summer arouses pain as lively as the pain of toothache. The succession of the seasons is like a recurrent inescapable catastrophe, which sweeps away what is young and beautiful, and what is beautiful because it is young.
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The duty of every management is to conduct its business, including the price policy of the business, in the way which in the opinion of the management is likely to maximise the return on the capital invested in the business. A management which does not do this betrays more than the shareholders in the business; it betrays the employees and the nation as a whole. The national interest lies in all the nation's resources being put to the most advantageous use possible. Anywhere outside a Communist state—and perhaps the time is coming when even that qualification will be superfluous—this is done by seeking to secure the largest possible return on capital. To maximise profits is for management not an optional exercise or a work of supererogation; it is management's basic duty. If private enterprise in a capitalist society is not trying to do that, there is no point in private enterprise—nor, for that matter, in a capitalist society.
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