January 4, 2013 by History in a Hurry
In this August 2011 column, Pat Buchanan explains what happens when a country debauches its currency, using historical quotations and examples. Ron Paul (now recently retired from Congress) has been our country’s most outspoken critic of the Fed and its monetary policies for decades. If you didn’t know why, you’ll have a better idea after reading this.
A Conspiracy of Counterfeiters
By Patrick J. Buchanan
“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.”
“Lenin was certainly right,” John Maynard Keynes continued in his 1919 classic, “The Economic Consequences of the Peace.”
“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.”
Read the full piece: