Inflation Destroys Savings
Mises Daily: Tuesday, May 18, 2010 by Ludwig von Mises and Bettina Bien Greaves
[Excerpted from Ludwig von Mises on Money and Inflation: A Synthesis of Several Lectures, compiled by Bettina Bien Greaves. This lecture was given at the Foundation for Economic Education (FEE).]
Everything that is done by a government against the purchasing power of the monetary unit is, under present conditions, done against the middle classes and the working classes of the population. Only these people don’t know it. And this is the tragedy. The tragedy is that the unions and all these people are supporting a policy that makes all their savings valueless. And this is the great danger of the whole situation.
The conditions under which people are living in the industrial countries of the West, which today means in practically all the countries where the standard of civilization has made some progress since the 16th or 17th century, the masses are in a position, fortunately, in the years in which they are able to work, in which they are in full health, to provide for the state of affairs as it will prevail in later years when they will either be absolutely unfit to work, or when their capacity to work will have decreased on account of old age or other changes.
Under conditions as they are today, these people can only provide for their old age practically by either entering into labor contracts that give them a pension for their later age, or they can save a part of their income and invest it in such a way that they can use it in later years. These investments can be either simple savings deposits with banks, or they can be life-insurance policies or bonds, for instance, government bonds that appear in many countries as perfectly safe. In all these cases the future of these people who are providing in this way for their old age, for their families and children, is closely connected with the purchasing power of the monetary unit.
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