How is inflation a form of taxation? What are some instances where one can benefit from inflation? Such are the questions we started off discussing today.
We read chapter 5 as a class from Maybury's Penny book. It talked about money creation stemming from the promises candidates make in an effort to win over voters. It also discussed inflation as an ethical issue.
We continued our discussion of the history of the banking system, getting into the workings of fractional reserve banking.
After the break the students read from their personal reading book.
