{"id":5390,"date":"2007-11-23T15:10:00","date_gmt":"2007-11-23T09:40:00","guid":{"rendered":"https:\/\/www.indiauncut.com\/?p=2014"},"modified":"2007-11-23T15:10:00","modified_gmt":"2007-11-23T09:40:00","slug":"why-inflation-is-theft","status":"publish","type":"post","link":"https:\/\/indiauncut.com\/why-inflation-is-theft\/","title":{"rendered":"Why Inflation Is Theft"},"content":{"rendered":"<p><a href=\"http:\/\/www.livemint.com\/2007\/11\/21235315\/Lords-of-money-and-inflation.html\" title=\"Lords of money and inflation -- Shanmuganathan N\">Shanmuganathan N explains<\/a>:<\/p>\n<blockquote>\n<p>Any textbook of economics would define inflation as the supply of excess money and credit relative to the goods and services produced, resulting in higher prices. Expansion in money supply is the horse and price increases the cart.<\/p>\n<p>A far more insidious, but less understood, effect of inflation is the transfer of wealth from the late receivers of this expanded money supply to the early receivers.<\/p>\n<\/blockquote>\n<p>Read <a href=\"http:\/\/www.livemint.com\/2007\/11\/21235315\/Lords-of-money-and-inflation.html\" title=\"Lords of money and inflation -- Shanmuganathan N\">the full piece<\/a>, it&#8217;s quite excellent. My favourite line in it:<\/p>\n<blockquote>\n<p>I am yet to see a central banker with the intellectual integrity to stand up and say that it is not the price of goods that is going up, but the value of money that is falling.<\/p>\n<\/blockquote>\n<p>(Link via email from <a href=\"http:\/\/sumeetkulkarni.wordpress.com\/\" title=\"Sumeet Kulkarni\">Sumeet Kulkarni<\/a>.)<\/p>\n","protected":false},"excerpt":{"rendered":"<p><a href=\"http:\/\/www.livemint.com\/2007\/11\/21235315\/Lords-of-money-and-inflation.html\" title=\"Lords of money and inflation -- Shanmuganathan N\">Shanmuganathan N explains<\/a>:<\/p>\n<blockquote>\n<p>Any textbook of economics would define inflation as the supply of excess money and credit relative to the goods and services produced, resulting in higher prices. Expansion in money supply is the horse and price increases the cart.<\/p>\n<p>A far more insidious, but less understood, effect of inflation is the transfer of wealth from the late receivers of this expanded money supply to the early receivers.<\/p>\n<\/blockquote>\n<p>Read <a href=\"http:\/\/www.livemint.com\/2007\/11\/21235315\/Lords-of-money-and-inflation.html\" title=\"Lords of money and inflation -- Shanmuganathan N\">the full piece<\/a>, it&#8217;s quite excellent. My favourite line in it:<\/p>\n<blockquote>\n<p>I am yet to see a central banker with the intellectual integrity to stand up and say that it is not the price of goods that is going up, but the value of money that is falling.<\/p>\n<\/blockquote>\n<p>(Link via email from <a href=\"http:\/\/sumeetkulkarni.wordpress.com\/\" title=\"Sumeet Kulkarni\">Sumeet Kulkarni<\/a>.)<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6,3],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.5 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Why Inflation Is Theft - India Uncut<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/indiauncut.com\/why-inflation-is-theft\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Why Inflation Is Theft - India Uncut\" \/>\n<meta property=\"og:description\" content=\"Shanmuganathan N explains: Any textbook of economics would define inflation as the supply of excess money and credit relative to the goods and services produced, resulting in higher prices. Expansion in money supply is the horse and price increases the cart. A far more insidious, but less understood, effect of inflation is the transfer of wealth from the late receivers of this expanded money supply to the early receivers. Read the full piece, it&#8217;s quite excellent. My favourite line in it: I am yet to see a central banker with the intellectual integrity to stand up and say that it is not the price of goods that is going up, but the value of money that is falling. (Link via email from Sumeet Kulkarni.)\" \/>\n<meta property=\"og:url\" content=\"https:\/\/indiauncut.com\/why-inflation-is-theft\/\" \/>\n<meta property=\"og:site_name\" content=\"India Uncut\" \/>\n<meta property=\"article:published_time\" content=\"2007-11-23T09:40:00+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/indiauncut.com\/wp-content\/uploads\/2019\/09\/iu-placeholder4.png\" \/>\n\t<meta property=\"og:image:width\" content=\"822\" \/>\n\t<meta property=\"og:image:height\" content=\"800\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Amit Varma\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Amit Varma\" \/>\n\t<meta name=\"twitter:label2\" content=\"Estimated reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/indiauncut.com\/why-inflation-is-theft\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/indiauncut.com\/why-inflation-is-theft\/\"},\"author\":{\"name\":\"Amit Varma\",\"@id\":\"https:\/\/indiauncut.com\/#\/schema\/person\/890a3d673b0c90c97d76c45a1754ac3c\"},\"headline\":\"Why Inflation Is Theft\",\"datePublished\":\"2007-11-23T09:40:00+00:00\",\"dateModified\":\"2007-11-23T09:40:00+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/indiauncut.com\/why-inflation-is-theft\/\"},\"wordCount\":129,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/indiauncut.com\/#\/schema\/person\/890a3d673b0c90c97d76c45a1754ac3c\"},\"articleSection\":[\"Economics\",\"India\"],\"inLanguage\":\"en-GB\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/indiauncut.com\/why-inflation-is-theft\/\",\"url\":\"https:\/\/indiauncut.com\/why-inflation-is-theft\/\",\"name\":\"Why Inflation Is Theft - India Uncut\",\"isPartOf\":{\"@id\":\"https:\/\/indiauncut.com\/#website\"},\"datePublished\":\"2007-11-23T09:40:00+00:00\",\"dateModified\":\"2007-11-23T09:40:00+00:00\",\"breadcrumb\":{\"@id\":\"https:\/\/indiauncut.com\/why-inflation-is-theft\/#breadcrumb\"},\"inLanguage\":\"en-GB\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/indiauncut.com\/why-inflation-is-theft\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/indiauncut.com\/why-inflation-is-theft\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/indiauncut.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Why Inflation Is Theft\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/indiauncut.com\/#website\",\"url\":\"https:\/\/indiauncut.com\/\",\"name\":\"India Uncut\",\"description\":\"\",\"publisher\":{\"@id\":\"https:\/\/indiauncut.com\/#\/schema\/person\/890a3d673b0c90c97d76c45a1754ac3c\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/indiauncut.com\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-GB\"},{\"@type\":[\"Person\",\"Organization\"],\"@id\":\"https:\/\/indiauncut.com\/#\/schema\/person\/890a3d673b0c90c97d76c45a1754ac3c\",\"name\":\"Amit Varma\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-GB\",\"@id\":\"https:\/\/indiauncut.com\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/indiauncut.com\/wp-content\/uploads\/2019\/05\/amitvarma-bio.jpg\",\"contentUrl\":\"https:\/\/indiauncut.com\/wp-content\/uploads\/2019\/05\/amitvarma-bio.jpg\",\"width\":200,\"height\":200,\"caption\":\"Amit Varma\"},\"logo\":{\"@id\":\"https:\/\/indiauncut.com\/#\/schema\/person\/image\/\"}}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Why Inflation Is Theft - India Uncut","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/indiauncut.com\/why-inflation-is-theft\/","og_locale":"en_GB","og_type":"article","og_title":"Why Inflation Is Theft - India Uncut","og_description":"Shanmuganathan N explains: Any textbook of economics would define inflation as the supply of excess money and credit relative to the goods and services produced, resulting in higher prices. Expansion in money supply is the horse and price increases the cart. A far more insidious, but less understood, effect of inflation is the transfer of wealth from the late receivers of this expanded money supply to the early receivers. Read the full piece, it&#8217;s quite excellent. My favourite line in it: I am yet to see a central banker with the intellectual integrity to stand up and say that it is not the price of goods that is going up, but the value of money that is falling. (Link via email from Sumeet Kulkarni.)","og_url":"https:\/\/indiauncut.com\/why-inflation-is-theft\/","og_site_name":"India Uncut","article_published_time":"2007-11-23T09:40:00+00:00","og_image":[{"width":822,"height":800,"url":"https:\/\/indiauncut.com\/wp-content\/uploads\/2019\/09\/iu-placeholder4.png","type":"image\/png"}],"author":"Amit Varma","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Amit Varma","Estimated reading time":"1 minute"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/indiauncut.com\/why-inflation-is-theft\/#article","isPartOf":{"@id":"https:\/\/indiauncut.com\/why-inflation-is-theft\/"},"author":{"name":"Amit Varma","@id":"https:\/\/indiauncut.com\/#\/schema\/person\/890a3d673b0c90c97d76c45a1754ac3c"},"headline":"Why Inflation Is Theft","datePublished":"2007-11-23T09:40:00+00:00","dateModified":"2007-11-23T09:40:00+00:00","mainEntityOfPage":{"@id":"https:\/\/indiauncut.com\/why-inflation-is-theft\/"},"wordCount":129,"commentCount":0,"publisher":{"@id":"https:\/\/indiauncut.com\/#\/schema\/person\/890a3d673b0c90c97d76c45a1754ac3c"},"articleSection":["Economics","India"],"inLanguage":"en-GB"},{"@type":"WebPage","@id":"https:\/\/indiauncut.com\/why-inflation-is-theft\/","url":"https:\/\/indiauncut.com\/why-inflation-is-theft\/","name":"Why Inflation Is Theft - India Uncut","isPartOf":{"@id":"https:\/\/indiauncut.com\/#website"},"datePublished":"2007-11-23T09:40:00+00:00","dateModified":"2007-11-23T09:40:00+00:00","breadcrumb":{"@id":"https:\/\/indiauncut.com\/why-inflation-is-theft\/#breadcrumb"},"inLanguage":"en-GB","potentialAction":[{"@type":"ReadAction","target":["https:\/\/indiauncut.com\/why-inflation-is-theft\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/indiauncut.com\/why-inflation-is-theft\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/indiauncut.com\/"},{"@type":"ListItem","position":2,"name":"Why Inflation Is Theft"}]},{"@type":"WebSite","@id":"https:\/\/indiauncut.com\/#website","url":"https:\/\/indiauncut.com\/","name":"India Uncut","description":"","publisher":{"@id":"https:\/\/indiauncut.com\/#\/schema\/person\/890a3d673b0c90c97d76c45a1754ac3c"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/indiauncut.com\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-GB"},{"@type":["Person","Organization"],"@id":"https:\/\/indiauncut.com\/#\/schema\/person\/890a3d673b0c90c97d76c45a1754ac3c","name":"Amit Varma","image":{"@type":"ImageObject","inLanguage":"en-GB","@id":"https:\/\/indiauncut.com\/#\/schema\/person\/image\/","url":"https:\/\/indiauncut.com\/wp-content\/uploads\/2019\/05\/amitvarma-bio.jpg","contentUrl":"https:\/\/indiauncut.com\/wp-content\/uploads\/2019\/05\/amitvarma-bio.jpg","width":200,"height":200,"caption":"Amit Varma"},"logo":{"@id":"https:\/\/indiauncut.com\/#\/schema\/person\/image\/"}}]}},"_links":{"self":[{"href":"https:\/\/indiauncut.com\/wp-json\/wp\/v2\/posts\/5390"}],"collection":[{"href":"https:\/\/indiauncut.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/indiauncut.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/indiauncut.com\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/indiauncut.com\/wp-json\/wp\/v2\/comments?post=5390"}],"version-history":[{"count":0,"href":"https:\/\/indiauncut.com\/wp-json\/wp\/v2\/posts\/5390\/revisions"}],"wp:attachment":[{"href":"https:\/\/indiauncut.com\/wp-json\/wp\/v2\/media?parent=5390"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/indiauncut.com\/wp-json\/wp\/v2\/categories?post=5390"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/indiauncut.com\/wp-json\/wp\/v2\/tags?post=5390"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}