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Hyperinflation can take virtually your entire life's savings, without the government having to bother raising the official tax rate at all.
Thomas Sowell
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Thomas Sowell
Age: 94
Born: 1930
Born: June 30
Economist
University Teacher
Gastonia
North Carolina
Government
Virtually
Without
Raising
Take
Officials
Life
Bother
Saving
Rate
Hyperinflation
Entire
Savings
Taxes
Official
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One of the beauties of an economy coordinated by price movements is that nobody has to understand it in order for it to work.
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Four things have almost invariably followed the imposition of controls to keep prices below the level they would reach under supply and demand in a free market: (1) increased use of the product or service whose price is controlled, (2) Reduced supply of the same product or service, (3) quality deterioration, (4) black markets.
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Too often what are called educated people are simply people who have been sheltered from reality for years in ivy-covered buildings. Those whose whole careers have been spent in ivy-covered buildings, insulated by tenure, can remain adolescents on into their golden retirement years.
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