I'm tempted to see the debasement of currency as a symptom more than as a cause.
1. That people are living off the past, including the reputation of the currency from better times?
2. The overall fraudulence of the system? Inflation can be a way of cheating workers and savers.
3. The extinction of thrift as people are unwilling or unable to save.
I am tempted to believe that inflation could work to destroy the thrift necessary for creating capital that might compete with extant firms by forming competitive businesses. People who cannot save are unable to establish collateral for starting a business of any kind. Thus is inflation the best friend of the monopolist and crony capitalist?
1. That people are living off the past, including the reputation of the currency from better times?
2. The overall fraudulence of the system? Inflation can be a way of cheating workers and savers.
3. The extinction of thrift as people are unwilling or unable to save.
I am tempted to believe that inflation could work to destroy the thrift necessary for creating capital that might compete with extant firms by forming competitive businesses. People who cannot save are unable to establish collateral for starting a business of any kind. Thus is inflation the best friend of the monopolist and crony capitalist?
The ideal subject of totalitarian rule is not the convinced Nazi or the dedicated Communist but instead the people for whom the distinction between fact and fiction, true and false, no longer exists -- Hannah Arendt.