Friday, September 02, 2016

Quote of the Day

Karl Denninger:
Inflation is exactly identical to a tax in terms of its impact on your wallet, except that it is a tax on everything, not just production.

Taxes can be avoided -- legally -- by refusing to produce.  Inflation takes that which you already earned.

It is thus much like a "property tax" in form and substance in that it is both pernicious and permanent.

Right now it is just Karl and a few others saying this.

Someday, anybody, regardless of education or knowledge of economics, will be able to explain inflation.

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