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- An Inflation Primer_2.pdf
Inflation concerns every citizen-worker, banker, creditor, debtor, politician and union leader. It is the “legalized robbery” by which wealth is distributed, false prosperity is prolonged and nations are ruined. An Inflation Primer is written for the general reader. It explains in non-technical language the intimate complexities of our monetary, credit and fiscal policies as they affect the purchasing power and foreign value of the dollar. It clarifies the problems of bank liquidity, gold reserves and gold movements, national and private debt, all in their relation to prices and the national welfare
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Melchior Palyi (1892–1970) was an American citizen of Hungarian descent — a distinguished, internationally recognized educator, author, economist, and financial expert. He taught in the Universities of Kiel, Goettingen, and Berlin. In 1928 he was appointed chief economist to the Deutsch Bank in Berlin. From 1931 to 1933 he served in the capacity of scientific advisor to the Reichsbank of Germany. In the United States, he taught at the Universities of Chicago, Wisconsin, and Northwestern. He acquired a national reputation as a scientific and popular writer, public lecturer, radio commentator and consulting economist.
The 18th century proudly called itself the century of reason. The 19th boasted of being the century of progress. In the same fashion, the 20th deserves one of two titles: the century of Marxian totalitarianism or of Bismarckian social security.
Wherever the doctor is being paid by the authorities and not by the patients, the outcome of compulsion is a set of fees that does not cover the investment in expensive instruments. This has an additional effect that could scarcely have been unintended: It forces the patient into governmentally controlled dispensaries which can afford the investment — at the taxpayer's expense.
"Governmentalizing, and thereby controlling through an appropriate bureaucratic apparatus, the providing of medical, accident, and old age care and of death (burial) benefits seemed an obvious way to put the reins on laissez-faire capitalism as well as on labor."
Henry Regnery Company, Chicago, 1962
