That these are not synonyms is evident from the evidence: the worst financial crisis in history has erupted to the detriment of global, real economic activity; and did so in the United States of America despite the low rates of inflation that had been recorded there for some time 6 .
3  Courtney N. Blackman (1999) Central Banking in Theory and Practice Caribbean Cent for Monetary Studies,St. Augistine, Trinidad. 4  In the Address, Friedman discussed the average level of prices; not the rate of price inflation.