"Inflation has now been institutionalized at a fairly constant 5% per year. This has been determined to be the optimum level for generating the most revenue without causing public alarm. A 5% devaluation applies, not only to the money earned this year, but to all that is left over from previous years. At the end of the first year, a dollar is worth 95 cents. At the end of the second year, the 95 cents is reduced again by 5%, leaving its worth at 90 cents, and so on. By the time a person has worked 20 years, the government will have confiscated 64% of every dollar he saved over those years. By the time he has worked 45 years, the hidden tax will be 90%. The government will take virtually everything a person saves over a lifetime."
G. Edward Griffin
American Historian, Author
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Reader comments about this quote:
The math isn't exactly correct, but the accusation is 100% correct and deplorable.
 -- Ben, Springfield, MO     
  • 3
    And the next depression will be blamed on business just as the last one was. When the real culprit is/was the Fed.
     -- J Carlton, Calgary     
  • 2
    Another reason why income tax is unnecessary and merely a way to oppress the middle and lower classes. The government prints up as much money as they need -- inflation takes care of the rest and affects everyone who holds the currency equally -- those with the most cash will 'pay' more than those with less.
     -- E Archer, NYC     
  • 2
     -- Logan, Memphis, TN      
    deplorable indeed
     -- Daniel, Santa Clara, CA     
    The only sensible thing to do is spend while you've got it. It make even more sense to spend it before you get it. Americans have learned their lesson well. The government has engineered that we will not be a saver society, but a consumer society instead. Then they have the audacity to tell us we don't save enough. If nobody has a savings when they're old they are totally dependent on government. It is all by design.
     -- Ken, Allyn, WA     
  • 1
    Griffin suffers from Birchitis. He can not tell the truth because the John Birch Society doesn't tell it or print it. We have suffered from 100 per cent inflation since 1968. ALL national organizations frpm the girl scouts to the National Rifle Association must keep secrets from their members. The Girl Scouts promote Marx's 8th plank but they don't know that! It calls for: "Equal liability of all to labor." Who doubts that that plank will be implemented when the Equal Rights Amendment is ratified and women will have the same right to avoid the draft That men have? NONE! For a few men to control the wotrld with inflation, fear, lies, illusions, disease and amusements that inhibit clear thinking, the majority must not know what inflation is or that we are conrolled with it. As long as someone keeps lying about inflation rates of less than 10 per cent, the majority will never know that inflation is just bank credit. The Fed said their system of plunder "works only with credit." The more they create, the more credit we must offer for the things that we need. Taxes are illusions that regulate our use of the credit that is erroneously called 'money,' When the reserve requirement for banks was 60 per cent, the other 40 per cent was inflation, When the reserve requirement was reduced to 50 per cent, the other 50 per cent was inflation. When the requirement was reduced to 25 per cent, we had 75 per cent inflation, When the rquirement was reduced to ZERO in 1968, we had 100 per cent inflation ever since! Lies about 5 or 6 per cent inflation conceals the truth that inflation IS "money" and NOT an increase in anything. It is a lie that government spends money. They cannot get money from you or me when all that we have in banks is weightless intangible CREDIT. They never ask for money or need any when all of us will risk or even lose our lives for credit. To make things worse, the perfidious press wants us to believe some countries have 1000 per cent inflation. When they have headlines of inflation, the report is ALWAYS about prices. When headlines are about prices, the reports are always about inflation, With this lying going on for decades, shouldn't most people believe that prices are inflation? Inflation is nothing accepted for something. If you accept a gold or silver coin with a hole in it and ignore the hole, then the hole is nothng accepted forr somethin and is inflation. You could go to an auction and bid 100,000 without a dime in your pocket, If someone else bids more and you quit bidding, the other bidder must "pay" an inflated price due to you offering nothing for somethng. The nothing that you offered was inflation. So everyday and every-where, people are offering nothing (credit) for something, WHILE GOVERNMENT spends NOTHING.. The John Birch Society wants us to believe that our tax dollars are spent and misspent when no tax dollars (weights of silver) are going any where. The dollar was permanently fixed as a weight of silver in the Coinage Act ot 1792. It could be changed only by amendment or by revolution, THERE IS NO SUCH AMENDMENT! We are facing another election that will not change government. A cure for cancer was found 75 years ago. Its suppresion for 75 years is proof that government has not changed. See: www.morpix.biz/rife for the history of the cancer cure.
     -- Anonymous     
  • 1 1
    Inflation helps the government by putting you in a higher tax bracket when you're income is just keeping even with the cost of living. Man has a problem with logic.
     -- warren, olathe     
     -- Anonymous, springfield     
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    All the comments above make very good points and when overlaid into a more comprehensive perspective, the theft of banker administered funny-money comes to light.
     -- Mike, Norwalk     
  • 2
     -- Mike, Pleasant Hill      
    Was't Ben Franklin who said, "A penny saved is a penny earned" ? And me ? I complained my employer didn't pay me enough. My dad said, do you have a budget ? I pulled my wallet out of my pocket and said, "Yep -- when there's money in there, I can spend it ... if there isn't any, I can't." Then I went to a "Loan Agency," borrowed, and bought a nice sports car which I couldn't afford. I NEVER "saved a cent," and now at 85, I'm living on Social Security. Worth noting; those who DID save are now rich and you know how the populace at large views them !!
     -- Bobble, No. Ferrisburgh, VT     
     -- Jim k, Austin      
    Enough said, liberty must be bought, Free born means nothing anymore. But still the so called rich cannot buy their way into heaven. Faith is of great value, ask the Fed with their funny money. A poor honest man is worth more than a rich liar ! Inflationary tactics sure eat the hell out of savings, doesn't it.
     -- Ronw13, Yachats Or     
    Tithe dollar was only worth 3cents when I checked it 4o years ago
     -- G.petrigliano, Ajijic mex     
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