Inflation: an undemocratic stealth tax

City Am,EDITOR’S LETTER
"Had the government passed a law in Parliament to take money from one group and give it to another – to grab cash from people’s bank accounts to help pay down their neighbours’ mortgages, overdrafts and credit card bills – there would have been outrage. Had the government decreed a partial default on the national debt (most of which is not indexed to inflation), the markets would have panicked. Yet because this process is happening on the sly, without discussion, and with the Bank of England telling us that this is merely a short-term blip, hardly anybody is batting an eyelid – even though, once again, the prudent are being mugged to bail out the imprudent. Inflation is not just taxation without legislation and undemocratic: it is also the stealthiest of all taxes. " (H/T Guido Fawkes)