Inflation For The People

[salvorhardin]

Anyway, what's interesting is that inflation was not always seen as the enemy of the common people. When Thomas Jefferson railed against banks, he worried about deflation as much as inflation. And in the 1800s, the Populist Movement - basically, a bunch of small farmers in the South and West - fought for inflation! At that time, farmers owed a bunch of money to big banks on the East Coast (including J.P. Morgan, who was presumably busy kowtowing to his secret immortal Rothschild masters). Without inflation, they would have to sell their farms to the banks and go be factory workers. So they fought for the United States to go off the gold standard and go on the silver standard - debasing the currency in order to reduce their debts!

Actually, the big banks defeated the Populist farmers. The gold standard was maintained, inflation was prevented, and a lot of people lost their farms. So maybe the robotic Rothschild octopi had the last laugh after all. But they didn't do it through inflation! Quite the opposite. Time was, inflation and currency debasement were seen as the savior of the common man.

Just remember: Inflation hurts people with savings and helps people with debt. An awful lot of Americans these days fall into that second category. Before you go embracing the hard-money, Austrian, gold-standard stuff, think about which category includes you!

Full post: http://noahpinionblog.blogspot.com/2012/07/inflation-for-people.html

[Igel]

1. A lot of people fall in the first category, too.

And while we like to think that what helps "we the people" only hurts those wealthy who are "they, not the people" in fact a lot of retirees also rely crucially on savings.

When there's high inflation, you also see interest rates skyrocket. They can be wonderful for investors--my father invested at a pretty good rate and it took years for the high-interest instruments to work their way out of his retirement account. But if you're borrowing, you don't want to go there. Not that common folk ever borrow money.


I especially like that exhortation at the end of the snippet you posted. First, think about your self interest--and then make sure that what affects everybody works to your own benefit. Very, uh ... never mind.