Russell goes moral -- I may work my whole life and make an after-tax total of five million dollars. The Fed, with nobody working, can "create" 100 billion dollars out of thin air in a matter of a few seconds. To me, this is absolutely immoral. Furthermore, the Fed wants inflation to continue at 2% a year. Again, I maintain that this is immoral. It's wiping out the middle class over time. I have a GI life insurance policy that was worth $10,000 when I took it out in 1945. At that time, the policy looked like big money. I scrimped and saved to buy and pay off that policy. What's the policy worth today, after years of compounded 2% inflation? Not much -- talk about legal robbery!
A few American generations had a party after World War II. They borrowed and lived on a diet of steady inflation for over fifty ... Log in or subscribe to continue reading.
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