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Mariana Fights Inflation, 1605
mises.org — Although its form has changed over the years, inflation has been with us since at least the days of ancient Rome. Inflation then was accomplished by debasing the currency, a process that involved reducing the amount of precious metal in coinage without changing the legal value of the coins. The federal reserve does this now and admits to it.
brilovett- 40 diggs
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- Kent4jmj, on 07/23/2008, -0/+14He then proceeds to ask if the king can "demand tribute from his subjects without their consent." Again he answers no, explaining, "The private goods of citizens are not at the disposal of the king. Thus, he must not take all or part of them without the approval of those who have the right to them."
- Conspiracy20, on 07/23/2008, -0/+15The federal reserve does this now and admits to it. That sentence should have started with "The audacity of this is.........
- TexanRudeBoy, on 07/23/2008, -0/+11Inflation is the most cruel tax of all because the vast majority of Americans have no idea they're paying it. Inflation does only one thing, transfers wealth from those last in line to the newest recipients of said money. Eventually the economy as a whole takes the hit, as the severe swings in the business cycle are deepened by more inflationary policy. Fiat currency has NEVER worked in the entire history of civilization, whether or not ours will crash or we will get smart is yet to be seen.
- roosevans, on 07/25/2008, -0/+1"With the advent of paper fiat currency, inflation occurs by printing more money or by increasing and easing the availability of credit in the banking system.
The Federal Reserve admitted as much, possibly unwittingly, in its most recent Open Market Committee meeting announcement when speaking of its efforts to ensure economic growth by the "substantial easing of monetary policy to date, combined with ongoing measures to foster market liquidity…"
Whether inflation occurs by easing monetary policy or by removing precious metal from coinage, it is always and everywhere fraudulent and immoral, for it takes from people the fruits of their labor and destroys the value of their past labor that they have stored in their savings. But why don't more of us know this?"
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