Monday, May 3, 2010
2% Inflation in March
Since the readers of this blog have not spent time in Zimbabwe or Argentina, let me explain what this means in plain words. If at the beginning of March you had $100,000 CD in the bank, at the end of March the CD was worth $98,000 in purchasing power.
The government took away these $2,000 simply by printing paper, and you cannot even deduct it from your taxes.
But you can still celebrate that you made 1.70% on your CD. This means that during the month of March you made 0.1416666666666666666666666666667% and the government will tax you for this incredible growth in your wealth.
If this information makes you sick, don’t worry. Medical care will soon be "free".
Pictures of the Argentine peso. I remember visiting Buenos Aires, and paying 6,000,000 pesos for a cab ride.
They didn't have Obama there, but they had his typre of policies.