Inflation is Theft - 1955 Quote. In 1955, Allan Sproul, then president of the #US Federal Reserve Bank of New York, testified before Congress calling out how inflation targeting robs the little guy and warned that #USD will be a 'badly depreciated coin' Today, it's hard to imagine any Fed official acknowledging this reality! If Allan were around today, he might be the only Fed official to understand the picture (and probably tell the truth to the American People). - InvestAnswers