Thread by @APhilosophae

The Govt won't confiscate your savings account to make you a peasant. They can expropriate the value through inflation. As the govt gains purchasing power by printing money to cover its budget deficits, the resulting inflation diminishes the purchasing power of your savings.

This is why responsible, conservative monetary policy matters. We're spending our way into a really poor future for our children and grandchildren, and no one on either side of the aisle seems to care.

Price increases over last year
Gasoline: +49.6%
Used Cars: +37.3%
Gas Utilities: +24.1%
Meats/Fish/Eggs: +12.5%
New Cars: +11.8%
Overall CPI: +7%
Food at home: +6.5%
Electricity: +6.3%
Food away from home: +6.0%
Apparel: +5.8%
Transportation: +4.2%
Shelter: +4.1%

The value of your dollar, your spending power, your dollar's ability to compete in an open market is vanishing.

bls.gov/cpi/

The mechanisms behind Russia's 1st hyperinflation began with the devaluation of the ruble during the WW1. The Imperial government's military expenditures led to large budget deficits, which it financed by issuing unbacked paper currency after leaving the gold standard.

The Tsar abdicated in the midst of a failing war effort, economic decline, and political unrest. After the first revolution, the Provisional Government took charge of a country in turmoil and made the situation worse
with bigger deficits and printing more money even faster.

After the 2nd revolution, the Bolsheviks did the same. This also happened in Austria, Hungary, Germany, and Poland. The consequences of war, destruction, territorial loss, political turmoil, and bad economic policy were enough to cause hyperinflation in all of these countries.

In the US we're experiencing +20yrs of war, shifting of global hegemony, supply chain breakdowns, internal political turmoil, targeting of citizens labelled dissidents, and bad economic policy with runaway fed printing.
dc.etsu.edu/cgi/viewconten…

The most typical mistake that countries have made throughout history when facing these issues is to continue with financing government budget deficits by printing unbacked paper currency. Time and again nations have failed because of this. We are walking into folly.

Be kind to your neighbors.