The Immorality of Fiat Money Financial Sense

The Immorality of Fiat Money  Financial Sense

Russell goes moral — I may work my whole life and make an after-tax total of five million dollars. The Fed, with nobody working, can "create" 100 billion dollars out of thin air in a matter of a few seconds. To me, this is absolutely immoral. Furthermore, the Fed wants inflation to continue at 2% a year. Again, I maintain that this is immoral. It's wiping out the middle class over time. I have a GI life insurance policy that was worth $10,000 when I took it out in 1945. At that time, the policy looked like big money. I scrimped and saved to buy and pay off that policy. What's the policy worth today, after years of compounded 2% inflation? Not much — talk about legal robbery!