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Inflation is not caused by the actions of private citizens, but by the government: by an artificial expansion of the money supply required to support deficit spending. No private embezzlers or bank robbers in history have ever plundered people’s savings on a scale comparable to the plunder perpetrated by the fiscal policies of statist governments.
One of the commonest things to do with savings is to lend them to some Government. In view of the fact that the bulk of the public expenditure of most civilized Governments consists in payment for past wars or preparation for future wars, the man who lends his money to a Government is in the same position as the bad men in Shakespeare who hire murderers. The net result of the man’s economical habits is to increase the armed forces of the State to which he lends his savings. Obviously it would be better if he spent the money, even if he spent it in drink or gambling.
The rise in health care costs since Obamacare, the Affordable Care Act was passed, have been at their lowest rate in 50 years. Those savings have extended the Medicare trust fund by 11 years. So we’ve got a baseline of facts.So it is true theoretically that all that progress can be undone, and suddenly 20 million people or more don’t have health insurance.
I am deeply convinced that any permanent, regular administrative system whose aim is to provide for the needs of the poor will breed more miseries than it can cure, will deprave the population that it wants to help and comfort, will dry up the sources of savings, will stop the accumulation of capital, will retard the development of trade, and will benumb human industry.
The United States is the most indebted country in the world. It has almost 17 billion dollars of debt with the rest of the world while living off the world’s savings. They are living off the savings of the people of Greece, the savings of the people of Spain, France etc. All of those countries that save their reserves in the banks in dollars are simply financing the American economy, and that is why the average American citizen consumes two and a half times more than their income.
At a time when going to college has never been more important, it’s never been more expensive, and our nation’s families haven’t been in this kind of financial duress since the great depression. And so what we have is just sort of a miraculous opportunity simply by stopping the subsidy to banks when we already have the risk of loans. We can plow those savings into our students. And we can make college dramatically more affordable, tens of billions of dollars over the next decade.
The abandonment of the gold standard made it possible for the welfare statists to use the banking system as a means to an unlimited expansion of credit. In the absence of the gold standard, there is no way to protect savings from confiscation through inflation. There is no safe store of value. Deficit spending is simply a scheme for the hidden confiscation of wealth. Gold stands in the way of this insidious process. It stands as a protector of property rights. If one grasps this, one has no difficulty in understanding the statists’ antagonism toward the gold standard.