Until the mid-to-late 1960s, inflation was assumed to be impossible without war; wholesale prices declined between 1820 and 1930, and the Fed chairman in 1958 invoked this statistic to justify concern when inflation briefly exceeded 3%, but inflation became a secular peacetime problem only after the shift to fiat currency and 'PhD standard of improvisational monetary policy' replaced the gold standard.

factualpending

Speaker

Jim Grant

Evidence Quote

until the mid to late 1960s, people in this country assumed there was no inflation. There could be no inflation without war.

Source

We Asked Jim Grant What War Means for InflationExcess Returns
Created: 8/12/2026, 10:39:06 PM

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