MONEY: The Inflation Tax

http://www.lewrockwell.com/blog/lewrw/archives/014893.html

August 26, 2007
Top 8 Ways Hard Money Would Change Your Life
Posted by Chris Brunner at August 26, 2007 12:57 AM

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2. No more Inflation Tax for the poor

Inflation occurs when the Federal Reserve expands the money supply by creating more money. Each time this happens, and lately it’s been happening at a frighteningly rapid pace, the money that already exists – that is, the paper in our wallets and bank accounts – loses its value. This is why prices increase. Each time your money loses its value, it takes more and more of it to purchase the same goods. These guys literally make a living stealing our wealth and giving it to others. However, unlike Robin Hood, the recipients of this wealth tend to be people who are already wealthy, and the people who are hurt the most are arguably the poor. That is, the people who get screwed the most are the poor who can’t afford the rising prices – those on with minimum wage jobs or fixed-incomes. A hard money policy would put a stop to this by cutting off the Fed’s ability to inflate, or abolishing the Fed entirely.

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Never mind just the poor. What about me!

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