"Everyone loves an early inflation. The effects at the beginning of inflation are all good. There is steepened money expansion, rising government spending, increased government deficits, booming stock markets, and spectacular general prosperity, all in midst of temporarily stable prices. Everyone benefits, and no one pays. That is the early part of the cycle. In the later inflation, on the other hand, the effects are all bad. The government may steadily increase the money inflation in order to stave off the latter effects, ineffectiveness of all traditional remedies. Everyone pays and no one benefits. That is the full cycle of every inflation.
- Jen O. Parsson, Dying of Money: Lessons of the Great German and American Inflations (1974)