I am not sure that the folks here at Dailykos have noticed but banks are paying pretty close to zilch in interest on savings accounts. This means if you put $100 away in the bank for a rainy day you are going to continually lose the value of your savings. This is because the bank is paying less in interest than the rate of inflation.
Where is this value going? The obvious explanation is that the banks are taking this value and paying themselves big bonuses with it. They are also using this value to paper over TARP and the bailouts and covering their losses for all the lousy worthless investments they made before the housing crash of 2008.
We have these artificially low interest rates because the Federal Reserve is keeping rates too low and further the Federal Reserve has engaged in quantitative easing. And low interest rates create inflation because borrowing becomes too cheap.
So this is how the banks use inflation to steal from the people.
How can anybody be OK with the banks stealing from the people? How can we be OK with inflation? I am seriously mystified.
I could go on and on about the evils of inflation. It keeps the average Joe in the rat race because his wages and savings are continually being depreciated. And inflation is lousy for the environment because it encourages consumption over savings.