Lenin once suggested that the surest way to destroy the capitalist system was to debauch the currency.
by J. R. Nyquist
Weekly Column Published: 06.06.2008
...Those who seek the destruction of capitalism have typically favored policies leading to despotism, starvation and mass killing. The socialist revolutionary announces his benevolent intentions to everyone. He intends to build a better society, based on unselfish cooperation. He denounces the greed of the capitalists. His real agenda, let us be clear, is self-aggrandizement predicated on envy.
The envious Lenin once suggested that the surest way to destroy the capitalist system was to debauch the currency. About this idea, Lord Keynes wrote: “Lenin is certainly right. There is no subtler, no surer means of overturning the existing basis of society than to debauch the currency. The process engages all the hidden forces of economic law on the side of destruction, and does it in a manner which not one man in a million is able to diagnose....
The president of the Federal Reserve Bank of Philadelphia, Charles Plosser, has warned that attempts to stabilize the banking system are distorting markets and preventing asset price corrections. Worse yet, financial stabilization policies “subsidize risk-taking” by leading financial institutions.” Such policies, says Plosser, risk systemic instability through the promotion of moral hazard....”
No comments:
Post a Comment