As evil as high inflation is, it is not an unexpected event given past history in any fiat currency that has a history. But a tax on assets breaks the whole concept of private property.
I haven't read the report yet (I plan to) but from the quotes it seems like the report is entirely forgetting the most important thing which is that the feedback loop that rewards success and punishes failure must be preserved.
This was my issue with Cyprus bank bail-ins vs. bankruptcy. It is not sufficiently disruptive to cause people (or their intellectual successors -- in other words a whole culture) to be fired. Let's compare the Cyprus disaster with Detroit bankruptcy. In Detroit we have:
www.cbsnews.com/8301-201_162-57606936/kwame-kilpatrick-former-detroit-mayor-sentenced-to-28-years-in-prison-for-corruption/"...the sweeping federal probe that has led to the convictions of more than 30 people."
A government "default" (or perhaps better stated as "repealing unfunded entitlement promises") and/or high inflation (which points directly at the government) will cause a shift to fiscal responsibility, if anything will. I think we as a society need to learn an important lesson which is essentially that NO promise or fund is safe from subsequent politicians if there is any legal way it can be accessed. Programs like social security, teacher's retirement funds, etc need to be legally and administratively separate (and even that may not be enough, but at least it is worth a try). And all Ponzi systems -- that is, any unfunded promise that expects to be funded by future labor or taxes -- should be not legally binding.
