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Sound Money 5: The Emergency Argument in Favor of Inflation Contd.

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When the people, or the majority of the people, are unable to afford their expenses, inflation occurs. These costs are incurred as a result of the activities of their leadership. They only support these measures to the extent that they believe they are not harmed by them. They then vote, solely for taxes that will be paid by others, mainly the wealthy, since they believe that such levies would not harm their own financial well-being. 

It is not by luck that inflation has become the accepted method of monetary management in today’s world. Inflation is the fiscal equivalent of statism and arbitrary rule. It is a cog in a complex of policies and institutions that, over time, leads to totalitarianism.

However, if the government uses inflation to achieve this goal, it is using practices that are opposed to representative government ideals, even though it has nominally followed the constitution to the letter. It is taking advantage of the public’s ignorance, and instead of trying to persuade them, it is deceiving them. 

The government’s reaction to the nation’s mood is primarily driven by a sincere desire to best serve what it deems to be the people’s actual interests.

Because the people and their representatives resisted, inflation may offer revenue to the government that it would not otherwise be able to get through taxes or borrowing from public savings. The government may purchase the equipment that the armed forces require using the freshly produced fiat money. If individuals do not grasp what is at stake and are reluctant to make the greatest sacrifices for their civilization’s beliefs, Western liberty will not be able to endure the onslaughts of Oriental enslavement.

A nation unable to undertake the material sacrifices required for success, on the other hand, will never show the mental fortitude required for victory. The spirit that animates those holding the weapons, not just the material equipment, is what guarantees victory in a struggle for freedom and civilisation. Inflation will not be able to buy this courageous attitude.

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