Friday, November 6, 2009

Bank of India on Inflation as Tax

The author/investor Michael Clark brings this:
"India’s central bank Governor Duvvuri Subbarao described inflation as a “regressive tax,” justifying his steps yesterday to start withdrawing the monetary stimulus as price pressures build. “As far as public policy is concerned, it has a commitment to insulate the poor from inflation - it’s the prime consideration for the Reserve Bank of India and the government.”"
We used to hear this from radicals, then from contrarians, from MSM, and now... from bank governors?
Protecting the poor from inflation, indeed! Damn those socialist bank governors!

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