"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 budget deficits, booming stock markets, and spectacular prosperity, all in the midst of temporary stable prices.
Everyone benefits, and no one pays.
That is the early part of the cycle."
By : Jens O. Parsson
Dying of Money: Lessons of the Great German and American Inflations
