April 18, 2011 Reading Time: < 1 minute

“America currently has $14 trillion in debt on the books and another $70 trillion or so in unfunded entitlements and pensions that are not yet on the books. These debts will never be repaid with dollars at current value. Either America will devalue its currency through inflation or it will default on its promises and bankrupt. Inflation effects every single American dollar equally which means the less income you earn, the greater the effect on you. As such, inflation is exactly like a regressive tax and monetizing debt has the same effect as counterfeiting.” Read more.

Via Stop Printing Money, Inc.
Stop Printing Money, Inc. is a Tennessee based non-profit focused on passing a Constitutional amendment to stop monetizing the debt.

Image by luigi diamanti / FreeDigitalPhotos.net.

Tom Duncan

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