Fiat Currency Sorcery

Adask's law

“There’s no subtler, no surer means of overturning the existing basis of society than to debauch [inflate] the currency. The process engages all the hidden forces of economic law on the side of destruction, and does it in a manner which only one man in a million can diagnose.”—The Economic Consequences of Peace by John Maynard Keynes (A.D. 1920).

Keynes’ quote may sound improbable to most Ameri­cans, but I think it’s one of the two or three most profound and concise statements of secular truth I’ve seen.

To illustrate the validity of Keynes’ observation consider Paul Moritz Warburg—the purported “chief architect” of the Federal Reserve Act.  Shortly before his death in A.D. 1932, he was quoted in The Nation maga­zine as saying:

 

“I have studied finance, and economics, and international trade all my life, and now, after these recent events, I have come to the conclusion that I…

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