Inflation - the silent tax on the middle class and savers
It is important to note that prior to 1913, there was no income tax in America.
The income tax was established to provide the government with enough cash to pay the interest due to the Federal Reserve.
So, in essence, the Fed is responsible for both the silent tax of inflation and the overt income tax that takes money out our pockets and puts it into the pockets of the rich.
Today, the dollar is a free-floating currency backed by nothing but the good faith and credit of the U.S. government.
Now that the government has the authority to print debts into oblivion, what do you think it's going to do?
Who cared about gold when those who controlled our government and our banks could now print money at will?
Related:
The income tax was established to provide the government with enough cash to pay the interest due to the Federal Reserve.
So, in essence, the Fed is responsible for both the silent tax of inflation and the overt income tax that takes money out our pockets and puts it into the pockets of the rich.
Today, the dollar is a free-floating currency backed by nothing but the good faith and credit of the U.S. government.
Now that the government has the authority to print debts into oblivion, what do you think it's going to do?
Who cared about gold when those who controlled our government and our banks could now print money at will?
Related:
