This article was originally published by George Ford Smith at The Mises Institute. As a “stealth tax,” inflation requires no legislation to impose, no agency to collect, and diverts responsibility for damages onto politicians’ favorite whipping boys. It gives the government the ability to buy almost anything for nothing, while creating endless problems that serve as a pretext for intervention. Inflation is the foundation of arrogant government and a prescription for our own demise. The government inflates through its central bank, the Federal Reserve System. The Fed does many other things, but its foremost responsibility is to support favored market actors…
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This article was originally published by Joshua Mawhorter at The Mises Institute. Due to wartime inflation of bills of credit…