The Immorality of Currency Devaluation


inflationtax

Quote from Mary A. O’Grady writing in the WSJ:

Few economic injustices are more villainous than stealing from the poor. Yet this is what a government does when it devalues its currency. Pope Francis has stressed the Christian obligation to share with the least of our brothers. Devaluation actually takes from them what they have earned themselves. And while the inflation tax that follows hits everybody, it wallops the low-income population the hardest.

….

Pope Francis is not oblivious to the consequences of monetary meddling. In his November 2013 “apostolic exhortation,” he wrote: “Debt and the accumulation of interest also make it difficult for countries to realize the potential of their own economies and keep citizens from enjoying their real purchasing power.”

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