Vague complaints about "inflation tax" do not contribute anything constructive to monetary policy discussions. No one disputes that excessive inflation is a reg

Vague complaints about "inflation tax" do not contribute anything constructive to monetary policy discussions. No one disputes that excessive inflation is a regressive and unsustainable tax. Currency collapse is almost always caused by, or at least mediated through, governments using inflation to pay debt (or, more accurately, to partially default on debt). Preventing this is the primary reason modern central banking exists. Even those opposed to this solution still support its goal; the "End the Fed" movement wants less inflation, not more. Nobody--whether left, right, liberal, or fascist--thinks inflation is a good way to finance government. The only disputes are how to prevent it from doing so, as those in office have constant incentive to favor short-term stimulus over long-term stability, and how to balance such restraints against other goals like preventing deflationary shocks and making monetary inflation reflect growth in the real economy. Suggesting we stop taxing with inflation instead of minimizing its drawbacks is no more helpful than saying, "We should start preventing murders instead of building prisons," or, "Let's reduce the violence in Afghanistan instead of endangering more of our soldiers."