I disagree of course. Even 3% inflation is more than most people get in interest. But, of course, the good old days of 3%, or even 6% inflation are firmly behind us, aren't they?
What burns me is the capital gains tax, which, even in the best of times, is a slap in the face. But now, as we enter this period of extremely high inflation, anybody lucky enough to not be in cash, is promptly charged a nice fat capital gains tax the instant they convert their asset (gold/land/etc) into the inflated currency. Now, even if you are a good socialist and believe in capital gains taxes, I wonder how you feel when there's been no real gain at all? When all you did was preserve what used to buy a loaf of bread, so that you could still buy a loaf of bread after the inflation, and even then, are deemed worthy of confiscation.
What burns me is the capital gains tax, which, even in the best of times, is a slap in the face. But now, as we enter this period of extremely high inflation, anybody lucky enough to not be in cash, is promptly charged a nice fat capital gains tax the instant they convert their asset (gold/land/etc) into the inflated currency. Now, even if you are a good socialist and believe in capital gains taxes, I wonder how you feel when there's been no real gain at all? When all you did was preserve what used to buy a loaf of bread, so that you could still buy a loaf of bread after the inflation, and even then, are deemed worthy of confiscation.
My $0.02.