How the EU and the Euro(€) are slowly making us poor
The inflation statistic that is published by the Irish Central Statistics Office is false and misleading. Generally, since Ireland became a member of the € in 2002, inflation has been reported at or around the 2% mark.
However, anecdotal evidence says otherwise, when it comes to Ireland's inflation numbers.
Personally, I can remember paying 50c for the Irish Times in 2006.
Nowadays a copy of the Irish Times costs in excess of 2€.
Entering these details into the Compound Average Growth Rate calculator points to annualized inflation in the price of the Irish Times at 11%.
This is what workers in Ireland should be expecting their wages and salaries to rise by each year - 11%.
However, people generally go by the official government statistics in this country.
So for most people, a raise of 2% in their wages and salaries is sufficient.
Compounding this over the years results in workers being underpaid for their service.
So in this way, Irish people generally speaking are getting poorer and poorer. They ask for and obtain a raise of 2% each year and then resolve to keep their mouths closed for the rest of the year, until wage negotiations commence again the following years.
Life can be quite difficult when one can only obtain a raise of 2% per annum. And poverty awaits Ireland, of that I am sure.
Bitcoin fixes this. Rather than inflation, we are more likely to witness deflation when we use bitcoin as money.
This is because bitcoin's money supply cannot be increased like the € or the $ can. There is no way of pressing a button on a computer and increasing the money supply like the ECB or The US Federal Reserve does with their fiat currencies.
Even Stacy Herbert and Max Keiser, of the Keiser Report on the RT channel on youtube, do not believe the dollar can last until the end of this year, 2021.
With bitcoin, there will be much more integrity in the world and among human beings.
Life will be a lot less stressful for the inhabitants of this planet, all told.
Inflation is regarded by some as a hidden form of taxation by the government. And that is exactly what it is: a hidden form of taxation.