This article is worth reading, because essentially its explaining the key fraud in the idea of the Modern Monetary Theory, though not in so many words.
Essentially the idea of MMT is that countries should keep printing infinite amount of money for whatever they need, and when there is too much money in circulation simple tax them back to cut back the demand.
This is the core tenet behind all progressive agendas which require tons of money - like universal basic income, unemployment and welfare to all, etc etc.
What this article is essentially saying is that, now that a lot of money has been printed giving rise to inflation, the only solution is for people to "accept they are poorer" - in other words "theft by inflation".
However, the way its written is blunt and makes it easy for people to get agitated and even get redpilled - perhaps a WH troll?
Either way this is great redpill material to pass around to the normies.
I heard someone say that inflation is a tax.
Edward Griffin said it long ago. But inflation is much much worse than tax. Technically, taxes are supposed to go to the government and its spending is atleast transparent, and nominally under the control of the people.
Inflation steals the money from people, but does not send it to the government, but rather to the bankers/wallstreet etc.
So yeah, inflation is much worse than tax.
Precisely.
No oversight and it has very little checks and balances.
It is a kind of tax but it is the banks that benefit.
I am not a financial expert but imagine this:
Now, I am not suggesting that the bank buys gold but you can bet they do something financially equivalent, or better.
They “loan” your 1000 out as 10,000 (fractional reserve) and charge interest on 10k. They “earn” interest on the fake money. 5-25% depending on who or for what.
If the customer deposits the 10k the bank then loans out 100k and so on until it gets into millions, billions earning big interest payments.
Thanks
Here’s your $1010. Go buy yourself something nice at a garage sale.
That's right.
My example was just about inflation not the entirity of the scam that is banking.
Strangely, at school and college we never learnt much about finance and banking. Now I know why.
< “It is well enough that people of the nation do not understand our banking and money system, for if they did, I believe there would be a revolution before tomorrow morning.” Henry Ford, founder of the Ford Motor Company.
Not to mention back in the day when rates where high they would give you 6 or more percent just for a savings account now they do less than 1% typically.
If inflation is more than the interest rate then we are giving them money.
It is a tax without representation.
There’s an ad on the radio for gold where Ron Paul calls inflation legalized theft.