Ron Paul on Bitcoin: "The dollar has lost 97 percent of its value..."

[TaunSew]

"The dollar has lost 97 percent of its value..." is a sensationalist headline. It only matters if dollar is hoarded long-term. Yes, currencies also work as a store of value, but in our system it's not supposed to be a longterm store of value and everybody knows that.

There are more important things to look at.

The middle class and the upper class knows that, but many of the working poor do not.  Inflation is a tax on the poor, is the old saying.

[qwerty555]

"The dollar has lost 97 percent of its value..." is a sensationalist headline. It only matters if dollar is hoarded long-term. Yes, currencies also work as a store of value, but in our system it's not supposed to be a longterm store of value and everybody knows that.

There are more important things to look at.

The middle class and the upper class knows that, but many of the working poor do not.  Inflation is a tax on the poor, is the old saying.

+1

Not just a saying but a truth and it is a tax , this has been admitted by  Ben Bernanke and Ronald Regan amongst others

http://www.youtube.com/watch?v=D4yBrxmEOkY

http://theeconomiccollapseblog.com/archives/inflation-is-a-tax-and-the-federal-reserve-is-taxing-the-living-daylights-out-of-us

This tax  disproportionally affects the poor!!!

It is grotesque when the government puts a bigger bite on the poorest citizens.

http://www.dailyworld.com/article/20121219/NEWS01/212190302/Inflation-tax-poor?nclick_check=1

Worse ...they KNOW this full well and have adjusted the calculations ( frequently) to make it look lower than those used in previous administrations ( look  .. CP inflation is at only 2% better than in 1980/90  we are doing great job)

If it was calculated the same way it was in 1980 inflation is running at 10%..not such a great job and a horrible "hidden" tax on the poorest

http://www.shadowstats.com/alternate_data/inflation-charts

If this was not a bad thing then why "cook the books" in order to hide that ??

[TaunSew]

"The dollar has lost 97 percent of its value..." is a sensationalist headline. It only matters if dollar is hoarded long-term. Yes, currencies also work as a store of value, but in our system it's not supposed to be a longterm store of value and everybody knows that.

There are more important things to look at.

The middle class and the upper class knows that, but many of the working poor do not.  Inflation is a tax on the poor, is the old saying.

+1

Not just a saying but a truth and it is a tax , this has been admitted by  Ben Bernanke and Ronald Regan amongst others

http://www.youtube.com/watch?v=D4yBrxmEOkY

http://theeconomiccollapseblog.com/archives/inflation-is-a-tax-and-the-federal-reserve-is-taxing-the-living-daylights-out-of-us

This tax  disproportionally affects the poor!!!

It is grotesque when the government puts a bigger bite on the poorest citizens.

http://www.dailyworld.com/article/20121219/NEWS01/212190302/Inflation-tax-poor?nclick_check=1

Worse ...they KNOW this full well and have adjusted the calculations ( frequently) to make it look lower than those used in previous administrations ( look  .. CP inflation is at only 2% better than in 1980/90  we are doing great job)

If it was calculated the same way it was in 1980 inflation is running at 10%..not such a great job and a horrible "hidden" tax on the poorest

http://www.shadowstats.com/alternate_data/inflation-charts

If this was not a bad thing then why "cook the books" in order to hide that ??

Well inflation has affected much of the middle class but it's generational - older people who bought homes before the 1990s are now sitting on $300K to $1 million dollar properties, since assets held their value against $Fiat and in some ways even went up in value (due to commodifying money).

[DannyElfman]

https://www.youtube.com/watch?v=wrcszolEW0s

Short video. What are people's thoughts on this? Do you guys anticipate a "panic" occurring at some point?

Any sane person should prefer a currency backed by science over a currency backed by nothing

The US dollar is backed by the US economy.

[qwerty555]

Those that could afford to buy homes..65% of the population of which 29% of those are mortgage free have gained from their ownership if it was prior to 2007/2008

Those whose daily lives are  most impacted by inflation tax are the 35% + that do not own and the 17% of mortgages that are seriously under water...that's a LOT of families.

http://www.housingwire.com/articles/29696-of-homes-with-a-mortgage-seriously-underwater

for most middle/upper middle income groups a high inflation rate will not mean they have to cut back on basic food/ entertainment clothes gifts driving etc.

for the 35%+ poorest a 19%- 22% food inflation for 2014 (so far) denies them the ability to do many of those things and worse puts and KEEPS them in the "poverty trap" of welfare.

http://www.infowars.com/the-real-inflation-fear-us-food-prices-are-up-19-in-2014/

http://www.breitbart.com/Big-Government/2014/05/24/U-S-Food-Inflation-Running-at-22

As a larger percentage of their income is spent on food than that of the middle/ upper classes..Is that not disproportionate?

Which of those groups will not have decent appliances, smart clothes nice cars etc because of having to spend more of their limited funds on feeding their family?

Whilst inflation "tax" affects all, only the poorest have to sacrifice on a major scale. In a free market  these things happen ..there are winners and losers..but this does not need to be compounded by government policy ..giving greater benefits to the rich..banks and financial institutions bail outs/ printing money and 0 interest to certain institutions at the expense of inflating and inflation leading to increased hardship for the least fortunate of society

http://www.zerohedge.com/news/2014-06-20/inflation-only-if-you-look-food-water-gas-electricity-and-everything-else

and cooking the books is dishonest whatever spin they want to put on it

http://www.forbes.com/sites/perianneboring/2014/02/03/if-you-want-to-know-the-real-rate-of-inflation-dont-bother-with-the-cpi/

[Eric2013]

In fact, the dollar has lost 99.99% of its value between 1914 and 2014. but still no need to panic, why should we?

[allthingsluxury]

All fiat currencies, every one of them in history have eventually gone to their intrinsic value. Zero.

[TopherB]

All fiat currencies, every one of them in history have eventually gone to their intrinsic value. Zero.

I assume you are not including the fait currencies that every single country on the face of the planet currently use? Your statement is like saying 'every species of animal in history have eventually gone extinct.'