To the editor,
All fiat currencies, like the Canadian dollar, eventually become worthless. One dollar saved in a piggy bank in 1952 would still be worth one dollar in 2022 unless that dollar was minted in silver. In 1952 the price of silver was 88 cents, but in 2022 that same amount of silver averaged US$19.30. This reflects almost a 22-fold increase over the past 70 years due to inflation and the associated loss in the nominal value of the monetary fiat currency.
An ounce of silver in 1952 still consists of an ounce of silver in 2022; as such there is no capital gain in real terms. Real money that is backed by gold and silver holds its value. However, fiat currencies lose their value to inflation and thus make them a desirable target by government for taxation of their nominal inflationary gains.
Thus government taxation of such gains is theft by stealth as also shown by one of the golden rules: “Thou shalt not covet thy neighbour’s house, thou shalt not covet thy neighbour’s wife, nor his manservant, nor his maidservant, nor his ox, nor his ass, nor any thing that is thy neighbour’s.” (Exodus 20:17)
In conclusion, the most valuable and durable worldly tax-free asset that we can never lose is our loving intrinsic relationship with family, friends, neighbours, and others. And on that note I wish all a merry Christmas.
Anthonie den Boef, Nanoose Bay
The views and opinions expressed in this letter to the editor are those of the writer and do not reflect the views of Black Press Media or the Nanaimo News Bulletin.
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