Got to meet Steve this week in New York and asked him to please keep up his FLAT TAX FIGHT!! He was very sweet.
I especially love this analogy he uses in this article, which I believe I can use to simplify explaining the debasement of currency to kids :
“Manipulating the amount of money or the cost of it, à la the Fed’s fixing interest rates, gets in the way of prosperity. It does not facilitate prosperity but retards it. There is no way a handful of people—wise or unwise—in government and central banks can second-guess what markets made up of billions of people might need. We are living through a disaster that is the result of the latest Greenspan/Bernanke attempts to guide our economic destiny through central bank operations.
Imagine if the government decided to increase the number of minutes in an hour from 60 to 70. You can hear policymakers congratulating themselves: “People will work longer at the same pay. This will be a boon to productivity!” Or if Washington increased the number of inches in a foot from 12 to 15: “Home buyers will thus get more house for the same price and that will stimulate home buying!” Preposterous? It’s no more foolish than what we and other countries routinely do with our currencies.”