Wednesday, February 18, 2009

Inflation As Theft: Wisdom From A Disgraced Former Man Of Reason

Infinite Unknown:

“In the absence of the gold standard, there is no way to protect savings from confiscation through inflation. … This is the shabby secret of the welfare statists’ tirades against gold. Deficit spending is simply a scheme for the 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.”

--Alan Greenspan

You can call it "quantitative easing" or you can call it "inflation" but, regardless of its name, it is nothing more than theft.

We're headed for hyperinflation over the next four or five years. This is especially true for the United States although we will hardly be exempt from the repercussions of their government's terrible mismanagement of money in Canada.

Keep that in mind when you're making decisions regarding your stock portfolio and are considering chasing the American dollar. As Peter Schiff says, the United States is the Titanic, financially speaking. All you can do is point survivors to the life boats.

UPDATE: Miserable little traitor

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