Is Inflation Always and Everywhere a Monetary Phenomenon?

Milton Friedman famously said: “Inflation is always and everywhere a monetary phenomenon." 

Most people parrot Friedman because the quote sounds good. 

The actual quote is: “Inflation is always and everywhere a monetary phenomenon, in the sense that it is and can be produced only by a more rapid increase in the quantity of money than in output.”

TCMDO is $92 trillion.  How the heck is that supposed to be paid back? 

This is not 2008. We do not have the degree of housing liar loans and people walking away from debt.

But we do have masses of zombie corporations that will go bust and all their debt with them. 

Mish 29 December 2022

https://mishtalk.com/economics/is-inflation-always-and-everywhere-a-monetary-thing

Why is it so hard to accept that speculative bubbles can burst?

Is the any escape? In aggregate no. For every seller there is a buyer. In this case a buy the dipper. 

Mish 23 February 2022

https://englundmacro.blogspot.com/2022/02/most-people-have-no-idea-how-much.html