Mises on inflation— page 428, Human Action.Portrait - Ludwig von Mises

“First: Inflationary or expansionist policy must result in overconsumption on the one hand and malinvestment on the other. It thus squander capital and impairs the future state of want-satisfaction.

Second: The inflationary process does not remove the necessity of adjusting production and reallocating resources. It merely postpones it and thereby makes it more troublesome.

Third: Inflation cannot be employed as a permanent policy because it must, when continued, finally result in a breakdown of the monetary system.”