Vladimir Lenin: Taxation & Inflation

Meaning of Vladimir Lenin Money Quote: saying those considered part of the bourgeoisie can be ground between the financial costs of taxes and inflation. Vladimir Lenin said:
 
 

 

“The way to crush the bourgeoisie is to grind them between the millstones of taxation and inflation” — Vladimir Lenin

Vladimir Lenin is outlining a strategy for weakening the bourgeoisie, or capitalist class. He argues that subjecting the bourgeoisie to heavy taxation while also generating high inflation will place them under intense financial pressure.

Lenin is suggesting the upper/ruling classes can be weakened and their power reduced by “grinding” them between these “millstones” of high taxes cutting into profits on one side, and inflation eroding the value of their remaining funds on the other.

The quote conveys Lenin’s belief that these economic tactics of taxation and currency devaluation can help destroy the dominance of the capitalist class and pave the way for communist rule.

Birthday: April 22, 1870 – Death: January 21, 1924

John Wayne: Indirect Inflation Tax

Meaning of John Wayne Money Quote: saying Government doesn’t have inherited money, it must collect that cash from the citizenry, either by taxes or inflation. John Wayne said:
 

 

“Government has no wealth, and when a politician promises to give you something for nothing, he must first confiscate that wealth from you — either by direct taxes, or by the cruelly indirect tax of inflation” — John Wayne

John Wayne is warning about the false promises of politicians who claim they can provide benefits without cost to citizens. The quote suggests that whenever a politician vows to give something for free, they are actually taking wealth from the people in order to pay for it, either through direct taxation or by devaluing the currency through inflation.

Wayne implies that government has no resources of its own, so any programs or handouts must be funded by confiscating wealth from taxpayers. Overall, the message is a skeptical view of politicians making things seem like “something for nothing,” when in reality citizens end up footing the bill through taxes or inflation that diminishes their purchasing power.

Birthday: May 26, 1907 – Death: June 11, 1979

Ronald Reagan: Inflation Frightening

Meaning of Ronald Reagan Money Quote: saying Inflation is as scary as financial criminals that take money from you. Ronald Reagan said:
 

 

“Inflation is as violent as a mugger, as frightening as an armed robber and as deadly as a hit man” — Ronald Reagan

This quote from Ronald Reagan portrays inflation in very stark terms as a serious threat comparable to violent crimes. He seems to be suggesting that inflation, like a mugger, robber or hitman, can stealthily and violently attack people’s standard of living and financial well-being.

By using such dramatic language, Reagan appears to be trying to underscore the severity of inflation’s effects and the importance of curbing rising prices. The quote implies that inflation should not be taken lightly, as it can effectively diminish purchasing power, savings and economic security over time in a way felt directly by everyday people.

Overall, Reagan saw inflation as a grave economic issue that warranted strong measures to combat its perceived harms.

Birthday: February 6, 1911 – Death: June 5, 2004

Mitt Romney: Wage Inflation

Meaning of Mitt Romney Money Quote: saying the minimum wage should see cost of living increases that match rates of inflation. Mitt Romney said:
 

 

“I think the minimum wage ought to keep pace with inflation” — Mitt Romney

In this quote, Mitt Romney expresses the view that the minimum wage should be adjusted periodically to account for inflation.

By saying it should “keep pace with inflation”, Romney appears to believe the minimum wage is intended to provide a basic living standard for low-income workers, and that standard erodes over time if the wage rate remains static while prices are rising.

The implication is that minimum wage should be indexed to inflation to prevent its buying power from gradually weakening.

Overall, this quote suggests Romney supports the minimum wage increasing automatically to maintain its real value and ensure full-time minimum wage workers can still afford basic necessities even as overall costs of living climb with inflation.

Charlie Munger: Inflation Silly Needs

Meaning of Charlie Munger Money Quote: saying a defense against inflation is not needing material silly stuff in your life. Charlie Munger said:
 

 

“One of the great defenses if you’re worried about inflation is not to have a lot of silly needs in your life – you don’t need a lot of material goods” — Charlie Munger

This quote from Charlie Munger is advising that having fewer material possessions and needs can help protect against the effects of inflation. Munger is suggesting that by not constantly wanting or needing the latest goods, your cost of living will not rise as quickly when prices increase.

Having a more minimal lifestyle focused on essentials rather than excess will make your expenses less vulnerable to inflation. The “great defense” Munger refers to is maintaining a simple lifestyle with fewer material wants, as this insulates your spending from price increases across the economy.

Birthday: January 1, 1924 – Death: November 28, 2023

Henry Hazlitt: Must Pay Inflation Tax

Meaning of Henry Hazlitt Money Quote: saying inflation is a kind of tax that must be payed by all. Henry Hazlitt said:
 

 

“Inflation is a form of tax, a tax that we all collectively must pay” — Henry Hazlitt

Henry Hazlitt is characterizing inflation as a type of tax. The quote suggests that when inflation rises, it effectively acts as a tax on everyone in the economy because it reduces the purchasing power of money over time.

While inflation is not a direct tax collected by the government, Hazlitt argues we all end up collectively paying the cost of inflation through higher prices for goods and services.

The message is that inflation should be viewed as a tax-like burden that makes people poorer as their dollars are worth less, similar to how a traditional tax reduces the percentage of income people can keep.

Overall, Hazlitt is describing inflation as an indirect but still significant economic levy imposed on all members of society.

Birthday: December 4, 1795 – Death: February 5, 1881

Ronald Reagan: Higher Inflation Bill

Meaning of Ronald Reagan Money Quote: saying when any person or business spends more than they earn, it means bankruptcy. However, government does it and collects taxes to cover it. Inflation results.. Ronald Reagan said:
 

 

“When a business or an individual spends more than it makes, it goes bankrupt. When government does it, it sends you the bill. And when government does it for 40 years, the bill comes in two ways: higher taxes and inflation. Make no mistake about it, inflation is a tax and not by accident” — Ronald Reagan

In this quote, Ronald Reagan is drawing a comparison between how businesses and individuals operate financially versus how the government does. He states that when a business or person spends more than they earn, they go bankrupt. However, when the government does this by overspending for many years, it results in higher taxes and inflation rather than bankruptcy.

Reagan argues that inflation essentially functions as a hidden tax, since the rising prices that come with inflation reduce citizens’ purchasing power and standard of living over time. His point is that by continually overspending for decades without addressing the deficit, the government has to make up for it through tax increases on citizens or fueling inflation, both of which negatively impact the average taxpayer.

So in summary, the quote is criticizing long-term government overspending by asserting that unlike businesses or individuals, the government can avoid bankruptcy by instead passing on the costs to citizens through mechanisms like higher taxes and the inflation tax, which Reagan says is not accidental but rather a deliberate outcome of persistent fiscal irresponsibility.

Birthday: February 6, 1911 – Death: June 5, 2004

Alan Greenspan: Savings Inflation

Meaning of Alan Greenspan Money Quote: suggesting that the gold standard protects savings from inflation by a store of value. Alan Greenspan said:
 

 

“In the absence of the gold standard, there is no way to protect savings from confiscation through inflation. There is no safe store of value” — Alan Greenspan

In this quote, Alan Greenspan expresses the view that without linking a currency to a gold standard, people’s savings are vulnerable to erosion via inflation.

By saying there is “no way to protect savings from confiscation through inflation”, Greenspan suggests that when fiat money can be printed at will by governments, inflation can act as a hidden tax on savers that slowly diminishes the real value of their assets over time.

He implies that gold, as a commodity with intrinsic value not controlled by any one entity, serves as a more secure “safe store of value” against this threat.

Overall, the quote conveys Greenspan’s belief that inflation poses a risk to savings under a fiat monetary system without the discipline of being convertible to gold.