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Debauching the Currency

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In the course of writing a presentation on bank reform, I rediscovered this from Keynes’ The Economic Consequences of the Peace: Lenin is said to have declared that the best way to destroy the capitalist system was to debauch the currency. By a continuing process of inflation, governments can confiscate, secretly and unobserved, an important part of the wealth of their citizens. By this method they not only confiscate, but they confiscate arbitrarily; and, while the process impoverishes many, it […]

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