Monday, March 23, 2009

Inflation=tool of taxation

If you are 50 or under, you will experience this wisdom:
"Here, for example, is the opening of an article that Alchian wrote in 1976 ('Problems of Rising Prices'):
I believe inflation is inevitable as a long-run trend, with transient, decade-long interruptions of stable or falling prices. That forecast reflects my view of government. Inflation is a tax on money. Like any tax, it will be used. The more subtle, the less detected, and the less avoidable the tax, the better it is for those with predominant political power and the more surely it will be used."


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