Inflation is a pestilence
At the end of the Second World War, there were approximately seven countries in the world that would qualify as prosperous and Germany, Japan, Russia, Italy, much of France, and many smaller countries were substantially smashed to rubble. Now, after nearly 80 years of general peace approximately one third of the world lives in relative prosperity and the entire world has become helplessly addicted to inflation.
There is a growing imbalance of productivity: most service industry and higher education adds no value. Our huge university enrolments are unemployment-deferral schemes as staggering sums are expended to qualify students in fields that cannot possibly enable them to earn a living . And too much of our economic product is just the velocity of money.
We are bedeviled by a loss of respect for work and the erosion of the capitalist ethic by vulgar consumerism and terrible lapses of fiscal prudence that cause vast increases in the money supply that do not represent increased production or initiative, and are financed by borrowings that will not go away. All of the world’s currencies are now just valued against each other and they are all being diminished in buying power, together.
What should be done, and Canada is ideally suited to do it, is reconstitute a solid currency of reliable value, and generally confine public sector spending to revenues. These would be larger, and less expensive to collect, if income taxes were reduced in favour of increased taxes on non-essential spending. In that way, paying taxes becomes partly voluntary and resistance to it would decline. The increase each year in GDP would be real and inflation would be drastically reduced.
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