Delivered under the auspices of the University of San Diego and the San Diego Chamber of Commerce

Brochure summary:

Inflation is blamed on many things. But it has only one cause: It is a monetary phenomenon. Inflation occurs when the quantity of money increases faster than the quantity of goods. Why does the money supply increase? Very often, it does so to enable the government to pay its bills without raising taxes. There's only one real cure for inflation. It is a cure that's easy to describe but difficult to apply: The government must reduce spending and print less money. The alternatives are both recession and double-digit inflation.

"Printing money is a very attractive device because inflation, from the point of view of a person sitting in Congress or in the Senate, is a wonderful tax. He doesn't have to vote for it. Have you ever known a congressman who got up and said, 'I vote to impose a tax in the form of inflation of 10 percent next year'?"