To summarize the two main points, which other people already made:
Any wealth tax is on top of inflation. One cannot ban inflation without disastrous economic consequences (or so I’m lead to believe).
Invested capital tends to appreciate along with inflation, which makes sense if you think about it, otherwise it means it’s losing value. Non-inflation adjusted returns on the stock market are much higher when the inflation is high. Also there is no reason not to stash all your money in the safest possible asset to avoid inflation.
He is not overstating.
To summarize the two main points, which other people already made:
Any wealth tax is on top of inflation. One cannot ban inflation without disastrous economic consequences (or so I’m lead to believe).
Invested capital tends to appreciate along with inflation, which makes sense if you think about it, otherwise it means it’s losing value. Non-inflation adjusted returns on the stock market are much higher when the inflation is high. Also there is no reason not to stash all your money in the safest possible asset to avoid inflation.