“The American dollar was once redeemable in gold on demand, but that was ended back in 1933. Since then, the United States has simply had paper money, limited in supply only by what officials thought they could or could not get away with politically. Many economists have pointed out what a dangerous power this gives to government officials. John Maynard Keynes, for example, wrote: “By a continuing process of inflation, governments can confiscate, secretly and unobserved, an important part of the wealth of their citizens.”
John Maynard Keynes, The Economic Consequences of the Peace (New York: Harcourt, Brace and Howe, 1920), p. 235.
— Basic Economics by #ThomasSowell