"No central banker would disagree with the proposition that inflation is primarily a monetary phenomenon. Not one of them will disagree that every inflation has been accompanied by a rapid increase in the quantity of money and every deflation by a decline in the quantity of money."

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[My father] was a banker. He was the president of the Cambridge Trust Company, the head of the trust department, and he taught classes at the Harvard Business School. And he was a member of the Harvard Faculty Club, which I am, too, because what I did is... I have the same name as my father, only Jr.

— Paul Laffoley