"I think the inflation prospects for the U.S. over the next five or six, seven years, are quite serious. You cannot have a bumper crop in apples without the value or the price of each apple falling. The Fed has had the largest increase in the monetary base in the history of the U.S., from colonial times to the present, times ten"

In this quote, economist Arthur Laffer is expressing his concern about the capacity for inflation in the United States over the next numerous years. He compares the scenario to a bumper crop of apples, where an abundance of supply would cause a reduction in the worth or cost of each specific apple. Laffer then mentions that the Federal Reserve has actually significantly increased the monetary base, which is the quantity of money in blood circulation, more than any other time in United States history. This could possibly lead to a boost in prices and a reduction in the value of the United States dollar. Laffer's declaration recommends that he believes the existing economic policies could have serious effects for inflation in the future.