Phil Fisher on causes of inflation

In 1958 Phil Fisher wrote an investment classic called, “Common Stocks and Uncommon Profits”.  In the first chapter he wrote a very profound statement regarding the cause of inflation.  This seems to be extremely applicable in today’s economic environment:

It seems to me that if this whole inflation mechanism is studied carefully it becomes clear that major inflationary spurts arise out of wholesale expansions of credit, which in turn result from large government deficits greatly enlarging the monetary base of the credit system.”- Phil Fisher