Inflation – the cleverest tax no one voted for.”

Private banks create money out of thin air, sure – but at least it disappears again when the loan is repaid. But when the government goes into debt to buy tanks and fill potholes, we're still paying it off long after the tanks are in a museum and the road is full of potholes again. And because politicians can't print interest, the bill comes through the back door: higher taxes, higher prices, lower purchasing power. Inflation is therefore the most elegant form of expropriation – it takes something away from everyone without anyone having to send a tax bill.