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Barrick Gold Corporation Message Board

  • runningrabbit1 runningrabbit1 Oct 9, 2013 10:50 AM Flag

    Republicans are actually destroying the future!

    By trying to constantly destroy inflation in a snail pace economy is actually leading to a disasterous out come....Look at any book and free market economy and you will read that inflation is needed to drive a better life for the people!

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    • Inflation is good? At an average 2.7% inflation rate the dollar I earned 30 years ago buy 2.2 times less merchandise or services today and that is good? I would challenge those books as they are written by folks generally beholden to the government or were educated by folks beholding to the government. Government holds huge amounts of debt and if they ever plan to pay the debt rather than roll it over, then they want to pay it back with less valuable dollars. No motivation there! What about the person on the other side of that exchange, such as the middle class working man. He is saving for retirement using dollars and dollar denominated assets. His purchasing power is being stolen from him. So much for the dollar as a unit of money as it fails the store of value test. What about that working man's wages. they generally do not go up enough to compensate for the inflation and if they do, then the graduated tax system and other wealth redistribution schemes remove what little he gained. That “little inflation is good lie” is in good part responsible for the rich getting richer and to poor getting poorer.

      What about the retired folks that saved for retirement and outlive their savings, not because they did not have enough, but because over time their savings have lost purchasing power and the interest rate they get on savings is price fixed below market rates by the federal reserve? Many become dependent of some sort of subsidy before passing on because they living in “the little bit of inflation is good” lie. That lie is good for those that keep saying but not for the poor and middle class American. Repeat that lie enough, especially if repeated by mainstream media, and people actually start believing it is true.

 
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