Ron Paul: “When you inflate or destroy a currency, the middle class gets wiped out. The people who get to use the money first benefit.”
Discussion
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Ron Paul radicalized me
The fact that Ron Paul did not win the presidency easily reflects very poorly on the sad, sick state of the USA. He is the greatest statesman of our time.
WOW. We get to live at the same time as this guy.
The subtlety here is that the purchasing power change of money (as a result of inflating it's supply) does not happen uniformly. The first recipients have access to dollars at a purchasing power before those dollars have permeated the market, devaluing all of the dollars. This means that real resources are pulled from later-recipients to these earlier-recipients.
In other words, inflation is an honest-to-goodness wealth transfer. Moreover, since every inflationary institution is part of the state in some respect, this amounts to taxation without appropriate legislation authorizing it. In the United States, all taxation must come from legislation originating in the House of Representatives.
I wonder, has the Fed or member banks ever asked the House of Representatives before is made a loan?