Politicians Spend, We Pay

"There is a new 'Silk Road'-this time as a path through the

complex world of inflation. Roger Silk has produced a thinking

person's guide to the theory, measurement, and history of

price rises. His vignettes of inflation through time, from 600

BC to the present, are among the most fascinating dimensions

of this new volume."

-Wally Falcon, Professor Emeritus, Stanford University

"I must tell you he wrote an excellent book... I [found it] accurate,

written in a moderate tone and extremely well explained.

I dedicated [a recent] communication with unit holders to the

subject of demand for money/velocity and its impact on inflation.

Roger did a superb job in explaining it and in exposing

some of the measurement problems associated with velocity."

-Albert Friedberg, CEO Friedberg Mercantile Group

"Milton Friedman told us: You get inflation if and only if the

government increases money supply. A s Silk's excellent and

highly readable book explains, that's largely correct, but not

100%. Moreover, Friedman's explanation is incomplete-it

doesn't explain why a government increases money supply.

The answer, according to Silk, is because politicians and voters

want to finance new programs-sometimes wars, but often

feel-good social programs-and they've already exhausted the

borrowing and taxing-the-people routes. Silk's analysis is worrisome.

Significant inflation might soon be returning to the

United States."

-Tim Groseclose, Professor of Economics, George Mason

University