Dan Sanchez: "As Jean Baptiste Colbert (finance minister to King Louis XIV of France) put it, “The art of taxation consists in so plucking the goose as to get the most feathers with the least hissing.” With inflation, the geese hardly hiss because they think they are simply molting and are unaware they are even being plucked.
Yet, it is in the hands of central bankers that the art of taxation truly nears perfection. The inflation tax is sneaky, but by itself, it’s not quite sneaky enough. Even with inflation’s quiet method of wealth transfer, the jig would eventually be up if the government simply kept adding to its own account. Even if people don’t realize how they are losing, they can see that the government is simultaneously gaining, which would be suspicious. That correlation needs to be blurred somehow, else the more astute geese will start honking. That’s where the Federal Reserve’s shell game comes in."
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