Linh Dinh (and Wilhelm Röpke) on the Evil of Inflation

Inflation is your dollars deflating. It’s your money going down, down, down, depreciating as the Federal Reserve injects more bucks into our banking system. And since the biggest banks own the Federal Reserve, the Fed is the banking system. Each time these banks give cash to themselves to be lent to you at interest, your dollars become a bit more worthless.

Rightly explains the leftist Common Dreams writer in his exposé of a self-described "independent entity within the government, having both public purposes and private aspects" — Looting Frenzies: Thinking about the Federal Reserve while Nursing a Cheap Beer.

That succinct definition brings to mind this blogger's favorite economist, Wilhelm Röpke, who, the Ludwig von Mises Institute's Shawn Ritenour reminds us, identified "inflation as a primary source of social decay" — Biography of Wilhelm Röpke (1899-1966): Humane Economist. An essay by the man himself — "Repressed Inflation": The Ailment of the Modern Economy.