Inflation, diluting the money supply with worthless tokens, either by borrowing money into existence or by printing it, transfers wealth from the people who produce it to people who use it to buy political power. It's a nasty, pious fraud, but the real harm goes far beyond the immorality of simple theft and power mongering. The most dangerous aspect of inflation is the corrupting effect it has on the character of those who use it.
Moral Hazard on the Rise
Moral Hazard on the Rise
Moral Hazard on the Rise
Inflation, diluting the money supply with worthless tokens, either by borrowing money into existence or by printing it, transfers wealth from the people who produce it to people who use it to buy political power. It's a nasty, pious fraud, but the real harm goes far beyond the immorality of simple theft and power mongering. The most dangerous aspect of inflation is the corrupting effect it has on the character of those who use it.