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When more pieces of paper are printed up, the value of the pieces of paper already in existence goes down. Our dollars are just pieces of paper backed by absolutely nothing. “Unfortunately, this is always what happens when a society adopts fiat currency. It destroys their wealth and it destroys the purchasing power of their paychecks. “Inflation is a tax that is very cruel to average American families. What about their savings, however? Surely they understand that even if their income keeps up with inflation (it doesn’t…and over a couple of generations a little lag adds up to ever lower standards of living), aren’t they worried about how their savings are being eaten away by the inflation tax? Again, Economic Collapse Blog: They seem to be okay with that because they also think that their wages are rising at about the same rate as general prices. People have just been conditioned to accept that prices “rise” over time. This is the point that the average Joe or Jane or combination thereof on the street seems to miss.
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“Well, the Federal Reserve controls monetary policy in the United States, and the inflationary monetary policy that the Fed has gotten all of us accustomed to is taxing the living daylights out of us. In essence, you were hit by an 83 percent “inflation tax” and all you did was leave your money in the bank. For example, if you put 100 dollars in the bank in 1970, those same dollars today would only have about 17 percent of the purchasing power that they did back then.
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Over time, the effects of inflation can be absolutely devastating. As your money sits in the bank, it is constantly losing value. “It is a continual tax on every single dollar that you own. The fine folks over at Economic Collapse Blog explained it so well that we thought we’d share it with you…
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