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Quotation from The Economic Consequences of the Peace by John Maynard Keynes
“By a continuing process of inflation, governments can confiscate, secretly and unobserved, an important part of the wealth of their citizens”
The Economic Consequences of the Peace, Chapter VI: Europe After the Treaty (Harcourt, Brace and Howe (New York, 1920), Project Gutenberg #15776)
From Keynes's digression on the currencies of postwar Europe, where printing money to pay debts was destroying savings.
Citation: "By a continuing process of inflation, governments can confiscate, secretly and unobserved, an important part of the wealth of their citizens" — John Maynard Keynes, The Economic Consequences of the Peace, Chapter VI: Europe After the Treaty (Harcourt, Brace and Howe (New York, 1920), Project Gutenberg #15776). (id keynes-the-economic-consequences-of-the-peace-q5)
Portrait: Keynes 1933, Unknown photographer, Public domain.
