Today, with fiat money and no hard metal standard backing it, further with wild fractional reserve money making: it is worse than an income tax. It is a constant tax increasing upon wage labor and small assets such as a modest home. That is why in the decades since Nixon took the world's major currency off the gold standard completely, wealth has hyper-accumulated to the wealthy and the rest, especially the poor and very modest of wealth lose value of their labor and assests year after year. Worse than an income tax. What indeed, is income?

This quote obviously aged very poorly.