Hans F. Sennholz on Inflation #inflation #history #currency

“It is not money, as is sometimes said, but the depreciation of money — the cruel and crafty destruction of money — that is the root of many evils. Inflation destroys individual thrift and self-reliance as it gradually erodes personal savings. It benefits debtors at the expense of creditors as it silently transfers wealth and income from the latter to the former. It generates the business cycles, the stop-and-go, boom-and-bust movements of business that inflict incalculable harm on millions of people…When money suffers depreciations and devaluations it invites government price and wage controls, compulsory distribution through official allocation and rationing, restrictive quotas on imports, high tariffs and surcharges, prohibition of foreign travel and investment, and many other governmental restrictions on individual activities. Monetary destruction breeds not only poverty and chaos, but also government tyranny. Few policies are more calculated to destroy the existing basis of a free society than the debauching of its currency.” - Hans F. Sennholz

Sennholz, H. F. (1979). Age of Inflation.

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