Tuesday, August 18, 2009

The Bible and Inflation

Idols For Destruction is full of passages worth pondering and sharing. Here is another passage from Herbert Schlossberg on inflation:

"In the ancient world, before the invention of coinage, there were two ways in which purchasing power could be manufactured fraudulently, and the Old Testament prophets sharply denounced both of them. Gold and silver were the media of exchange, and people used them by weighing on scales the amount that buyer and seller had agreed upon. Isaiah denounced the Judeans for mixing impurities in their silver (and for watering their wine), defrauding the people with whom they dealt (Is. 1:22). The other monetary fraud was the use of either false weights or rigged scales to apportion the price. There was to be no acquittal, said the prophet, for "the man with wicked scales and with a bag of deceitful weights." (Mic. 6:11; Prov. 20:23).

The reality of inflation is that it is the modern day equivalent of fraudulent scales and impure coinage. Those who practice, support, and enable inflationary policies are fit for judgment, just as those denounced by the prophets.

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