https://youtubetranscript.com/?v=bdXjyJZ5gWk
Inflation punishes people who’ve been wise enough to forestall gratification. So if you’re somebody who has been sensible and taken the medium to long-term into account, and you’ve saved money, so accrued wealth, let’s say, and the sort of wealth that enables you to have a house and air conditioning and some opportunities for your kids, we would generally regard that as a social good, right? Because we hope that people who are not profligate and impulsive and who put a little aside for the future, for future contingencies, so that they can take care of themselves and others, those people should be valued. And if you inflate the currency by overspending, then those are the people who are preferentially punished. Because the people who spent all their money, well, they don’t have any money. Inflation only affects them tangentially, but it destroys the wealth of the very people who’s careful and conscientious striving have produced wealth to begin with.