… is my emeritus Nobel-laureate colleague Vernon Smith’s recent observation about inflation – an observation that is the final sentence of Vernon’s Summer 2024 Independent Review paper titled “The Economic Function of Inflation Is to Lower the Real Value of Wealth Assets Sufficiently to Pay for the Government’s Excess Spending Monetized by the Federal Reserve“:
For those who want a wealth tax, you already have long had it.
DBx: Please join me in wishing Vernon a very happy 98th birthday. May he have many more!
Vernon is pictured here with his wife, Candace, in Stockholm on December 10th, 2002.
