On 22.05.2012 00:25, Pavol Luptak wrote:
When you have government's monopolies for printing money (the case of
US/EU)
taxation is done through inflation (which is also stealing), you don't
need to pay any taxes.
This is false.
Inflation will only occur if a) the money is not spent in a way that
increases productive capacity and/or mobilizes unused or underutilized
productive resources, b) private sector money demand has more or less
peaked and c) net exports are insufficient.
Note that monetary inflation will not occur simply if some of these
conditions are true, but only if all of them are.
Which, by the way, gives us a clue in understanding the eurozone
crisis, since different countries in Europe have different conditions
with regard to fiscal policy, productive capacity utilization, money
demand and trade balances, there can be no single monetary policy
appropriate for every country.
--
Dmytri Kleiner
Venture Communist
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