“Governments at nearly all times and places have been the main beneficiaries of inflation. Rather than protecting society from it, therefore, all of them have sooner or later given in to the temptation of using inflation for their own purposes.

First they stopped combating it.

Then they facilitated it,

encouraged it,

and finally promoted it with all their powers.”

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Excerpt from The Ethics of Money Production

Chapter 7: Enters the State: Fiat Inflation through Legal Privileges

Part 1: Treacherous Clerks

Jörg Guido Hülsmann