US Marijuana Party

Sunday, September 18, 2005

A Libertarian on Poverty

Charley Reese at Lew


We have allowed a system to develop that makes it easier for the rich to get richer and harder for the poor to escape to the middle class.

The underlying cause – and the most difficult to address – is a policy of gradual depreciation of the currency. It's usually referred to as inflation, but whatever jargon you wish to apply, the end result is that year after year, the dollar a man or woman earns buys less.

If you had put $10,000 in the mattress in 1967, it would be worth $2,500 today. The $7,500 was stolen by a combination of Congress and the central bank, for they are monetizing the deficits that have depreciated the currency.

America is being converted into a Third World country before our very eyes.


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