“In the absence of the gold standard, there is no way to protect savings from confiscation through inflation.” — Alan Greenspan
“It makes no difference to a widow with her savings in a 5 percent passbook account whether she pays 100 percent income tax on her interest income during a period of zero inflation or pays no income tax during years of 5 percent inflation. Either way, she is ‘taxed’ in a manner that leaves her no real income whatsoever. Any money she spends comes right out of capital. She would find outrageous a 100 percent income tax but doesn’t seem to notice that 5 percent inflation is the economic equivalent.” — Warren Buffett “How Inflation Swindles the Investor,” Fortune, May, 1977
Ironically Greenspan was directly responsible for inflation while serving as Fed chairman and Buffett now advocates, and profits from, inflationary bailouts.