In 1943 inflation was not in the best interests of those running the country. Today, with $18 trillion of debt and $200 trillion of unfunded liabilities, inflation is essential to the survival of the ruling class. It seems paying more taxes is always considered a good thing by the ruling class.
In 1943 saving benefited the ruling class, so it was encouraged. After 9/11 and ever since the government has promoted and encouraged spending and going further into debt to save the country.
Every time a Federal Reserve banker speaks they promote inflation as essential to a well functioning economy.
Only a lone voice in the wilderness has consistently spoken the truth about the Federal Reserve and inflation.
The willfully ignorant masses have been so dumbed down by our government run public educational system, they don’t understand what the Fed has done to them over the last century.
They may not understand charts and calculating the 95% loss in purchasing power of their dollars, but they may understand this:
How is government created inflation working out for you?
What will futurity make of the [so-called] Ph.D. standard [that runs our world]?
Likely it will be even more baffled than we are. Imagine trying to explain the present-day arrangements to your 20-something grandchild a couple of decades hence – after the crash of, say, 2016, that wiped out the youngster’s inheritance and provoked a cenral bank response so heavy-handed as to shatter the confidence even of Wall Street in the Federal reserve’s methods…
I expect you’ll wind up saying something like this:
“My generation gave former tenured economics professors discretionary authority to fabricate money and to fix interest rates.
We put the cart of asset prices before the horse of enterprise.
We entertained the fantasy that high asset prices made for prosperity, rather than the other way around.
We actually worked to foster inflation, which we called ‘price stability’ (this was on the eve of the hyperinflation of 2017).
We seem to have miscalculated.”
Jim Grant