I like perusing the classified ads in La Nación.  La Nación is the big, serious daily newspaper in San Jose, Costa Rica. Like all dailies down here it’s a tabloid. By calling it the "serious" paper, I mean there is less rolling girl-flesh in the photo features and the front page lead generally doesn’t involve a shootout or car wreck. There is a smaller, though still extensive, treatment of soccer and bicycle racing than you will find in the competition. A big editorial section features articles by the country’s president, . . . → Read More: Miami Realtor Reaches Out to Third World Speculators

Inflation, diluting the money supply with worthless tokens, either by borrowing money into existence or by printing it, transfers wealth from the people who produce it to people who use it to buy political power. It’s a nasty, pious fraud, but the real harm goes far beyond the immorality of simple theft and power mongering. The most dangerous aspect of inflation is the corrupting effect it has on the character of those who use it.

As in all political games, inflation has winners and losers. The losers are savers, whose . . . → Read More: Moral Hazard on the Rise