Inflation is Theft - 1955 Quote

WISE WORDS: *In 1955, Allan Sproul, then president of the Federal Reserve Bank of New York, testified before Congress calling out how inflation targeting robs the little guy and warned that #USD will be a 'badly depreciated coin'

Today, it's hard to imagine any Fed official acknowledging this reality! If Allan were around today, he might be the only Fed official to understand #Bitcoin - as our only chance to escape the relentless cycle of debt and devaluation. #inflation

The quote critiques the policy of promoting "full employment" through inflation induced by expansionary credit policies, viewing it as a short-sighted attempt to correct structural economic imbalances by debasing the people's savings and purchasing power.

It challenges the idea that such inflationary policies truly benefit the "little fellow." Instead, it demands an explanation for how a 3% annual inflation rate compensates holders of savings bonds, deposits, loans, insurance policies, and pension rights.

It highlights the potential detrimental impact of inflation on the repayment of long-term debt, suggesting that inflation could lead to debt being repaid in "badly depreciated coin," eroding the real value of debt obligations aka FIAT Debasement.

The quote implicitly criticizes the Federal Reserve's monetary policy of using inflation to promote employment, suggesting that it comes at the cost of devaluing the savings and financial assets of the general public. It was written by the President of the Fed in 1955!!!