It obliges one to think with a particular kind of logic and severity. If it is nonsense, it will not go into Latin...I regard it as cruelty to the yo… - Enoch Powell

Though legend relates otherwise, I would not have chosen, if I could have avoided it, to become the eponymous exponent of the conviction that by no contrivance can the prospective size and distribution of our population of 'New Commonwealth ethnic origin'...prove otherwise than destructive of this nation. The basis of my conviction is neither genetic nor eugenic; it is not racial, because I can never understand what 'race' means and I have never arranged my fellow men on a scale of merit according to their origin. The basis is political. It is the belief that self-identification of each part with the whole is the one essential precondition of being a parliamentary nation, and that the massive shift in the composition of the population of the inner metropolis and of major towns and cities of England will produce, not fortuitously or avoidably, but by the sheer inevitabilities of human nature in society, ever increasing and more dangerous alienation.

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.

Wages, profits, prices are determined, always have been determined, and always will be determined until we go Communist, by the market—by supply and demand working through the market. While we tie ourselves into knots trying to invent non-market criteria for our commissions to use, the market is there, noiselessly, efficiently, irresistibly doing the job for us all the time. Irresistibly—yes, and there's the rub. For there is one thing outside the market in a modern economy, and that is money itself. Governments can and do satisfy the demand for money, raise and lower the supply of money. In short, governments have the power to control money, which is so largely their own creation. If governments allow monetary demand to increase faster than productivity, the market will not stop the process, because it cannot stop it. The market will simply go on determining wages, profits and prices in ever higher monetary terms—until something busts.