Inflation pits the the producer against the consumer, the populace against the speculator. It turns economics upside down. Sound money makes frugality and saving self-rewarding, but inflation makes it expedient to constantly spend the money before it is eaten up by its dwindling buying power. Instead of getting out of debt, people struggling under inflation find it advantageous to borrow heavily in hopes of paying off the debt in highly inflated dollars later on. Citizens with fixed incomes from insurance or pensions are literally robbed of their lifes savings. Hatred, suspicion,reckless spending,and profligate living are characteristic of a society indulging itself in spiraling inflation. - W. Cleon Skousen in The Making of America
Posted on: Tue, 04 Nov 2014 00:21:55 +0000
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