So, what is inflation, how does it affect your practice and what can you do about it? The great Nobel Prize economist Milton Friedman said it best: “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.” In recent years, the M2 money supply expanded by approximately 40 percent, decreasing dollar purchasing power in kind. Additionally, the last time debt to GDP in the U.S. was at similar levels was after World War II when financial repression, inflation and illiquidity events took over 30 years to resolve. As a small business owner, it is vital to understand the current economy we find ourselves in, the time frame it can potentially last and what our options are to navigate it. Read More