Print Page  Letter to the Editor: Monetary terrorism
According to Webster's New 20th Century Unabridged Dictionary of
the English Language, 1957: Inflation: An increase in the amount
of currency in circulation, resulting in a relatively sharp and
sudden fall in its value and rise in prices.  Suppose you are at
an auction with a pre determined amount of money to bid on a
certain item. Multiply your intent by many others with the same
desire. Suddenly the auctioneer failed to obtain sufficient
bids. In walks a fed drunk with a basket full of currency, he
throws it in the air-it comes down like mana from Heaven into
the hands of bidders. Would this sudden infusion of fiat
currency affect the bidding? It certainly would, until the
inflation bubble bursts.  Following the World War I period in
Germany, it took a wheel barrow full of fiat currency to buy a
loaf of bread.  The damage by inflation is not caused by
merchants who raise there prices, or the working man who seeks
higher wages. The crime of inflation is