Quotation of the Day…

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… is from page 274 of Martin Wolf’s excellent 2004 book, Why Globalization Works:

The inflation tax is the most covert and obscure form of taxation. It is a breach of trust. It is inconsistent with the fundamental democratic principle that taxes should be voted in parliament. It redistributes money arbitrarily from creditors to borrowers, the old to the young, the financially ignorant to the adept and those who trust government to those suspicious of it. It destroys trust and destabilizes society.