"Lenin is said to have declared that the best way to destroy the Capitalistic System was to debauch the currency... Lenin was 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 can diagnose."
John Maynard Keynes
(1883-1946) British economist
The Economic Consequences of the Peace, 1920, page 235
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Reader comments about this quote:
It just goes to show the true intents of Keynesian economic policy. This should be proof enough that a concerted effort has been and continues to be aimed at subverting the economy and the nation.
 -- E Archer, NYC     
    Archer, yes - Welcome to the new USA (Union of Socialist Amerika)
     -- Mike, Norwalk     
    It doesn't get diagnosed because the common man doesn't see it as a problem until it's too late. He's too busy living it up on the temporary illusion of prosperity to worry about the impending disaster.
     -- Bryan Morton, Stuart, Florida     
    Archer, Mike and Bryan are right and the debauching continues.
     -- jim k, austin     
    Agree with all of the above. Especially Bryan. As long as there is hope there are those out there that won't be fooled again, there is hope for Americ(k)a.
     -- Anon     
    So Keynes has observed that Lenin was a smart man. Big Deal. The debauch of any currency will lead to an upset of any economic system regardless of what you call it capitalist, socialist or anything in between that uses currency. When I was in Korea it was said that cases of US Army MPC (military payment certificates) were stolen off of a dock in Inchon. Over night the Army issued new notes making the stolen money worthless. So yes anytime a currency becomes debauched it is time to establish another. As for now the US Dollar is the prefered currency around the world.
     -- Waffler, Smith     
    "The US Dollar is the preferred currency around the world." Waffler "Of all things, I should imagine you could not possibly feel nervous on the Titanic. Why, the boat is absolutely unsinkable." White Star Lines booking agent
     -- Bryan Morton, Stuart, Florida     
    The Obamanation pork bill will do just that to our currency. This inexperienced Marxist/fascist could finish off this country in 2 years if this type of legislation is not stopped. This bill and the ones soon to follow will harm the economy, create massive unemployment and put inflation through the roof. The crap these jackasses are going to pass will cause bureaucracies to be created that will have to be financed EVERY year not just this one. All of our savings and retirement plans will be going up in smoke because of the actions of these thugs. The recession would run its course and we would be ok but for this incompetent crap we put in office.
     -- warren, olathe     
    The political system of the United States of America was created to be so perfect that I would only equate its power with that of the sun, which sets only to rise again. I trust that its natural force, which has come from powerful minds will weather the hidden forces that come from seasonal winds.
     -- Elisabeth, Astoria, NY     
  • 1
    Welcome Elisabeth they really do have wisdom in Astoria, NY. Your expression of faith and wisdom in the amazing politcal system of our Great Country is a breath of fresh air compared to the usual bunch of diatribe, negativity, and faithlessness we get from many contributors on this site. Please give us more from your fine tuned mined.
     -- Waffler, Smith     
    If only we had the political system the United States was created with, there would be infinitely more hope (of a more authentic kind). Nevertheless, we have what we have. As for myself I will continue to plan for the worst and pray for the best. A cynic is seldom disappointed and is sometimes pleasantly surprised. As for debauching or debasing a currency, it is only possible with a fiat currency which is why the dollar had to go off the gold and silver standard. When the dollar is based on a commodity of limited quantity the people will not allow debasement out of their own self interest, and their self interest turns out to be in the interest of all. The powers that be, however, had other ideas.
     -- Ken, Allyn, WA     
    I think thousands more than 300 men (people) in the US have diagnosed what this administration is doing. I has become anything but "subtle". I believe in the American people and they will soon go to the polls. This American debacle can end quicker than it began by the right vote. The correction is available by dramatic change in the federal tax code. The US should become the worlds "tax haven".
     -- Thomas P, Roswell GA     
    Not new with Obama, this has been going on for dedcades and has resulted in a large number of manufacturing jobs being lost to other Continents such as China. The net effect has been the slowing of income growth in America and the increase in debt as politicians try to promise and borrow to sustain a high standard of living. Medical care promises will accelerate the symptoms of money supply growth and debt to the extent that pensions and medical care will fall in access or value for future workers and dependents or simply USA will continue to fade into the history of great economies and it's citizens will experience State control and loss of Freedom. Our enemies will plan accordingly and use this fault to conquer us and make us dependent upon them, OECD debt targets of 60 % of GDP will fail in Congress and White House and finally a massive loss of jobs will stop all of this. Misery and poverty follow for a decade while debate rages over a private banking system such as Germany.........but weakness rld stage threatens war and famine for one and all during this recovery.
     -- Anonymous     
    Reality accurately and succinctly observed and reported is rare, so valued and quoted: Truth.
    Real knowledge is power.
    Evil people shield and wield truth for evil purposes, and vice/versa.
    Lenin, a destroyer, lauded the tool use for destruction of his primary enemy, capitalism. Keynes saw this would work in ANY society, so is a valuable analytical model tool in economics, for it is an economic variable, with a range of zero[debased] to money[Aristotle definition], to predict economic health of any society.
    Knowing the root cause of our current global currency problems currently highlighted by Euro, we also have the global solution. Hard [not debauchable] money of INTRINSIC value.
    But as Keynes said, and these comments indicate, not one in a million can diagnose these simple facts from the societal symptoms. And the doing... will be opposed by the tyrants, for it takes away the anesthetic and darkness all successful bloodsuckers require to elude deadly retaliation.
    Keynes discovered that one in a million key. And shared. The way thus lighted, now any and all can open the economic liberty door.
    Thanks to Liberty Tree for keeping that light on.
     -- Roger Erickson, Yakima WA     
    Crikey - very scary that some commentators here seem to think Keynes was arguing to debauch the currency.
     -- Chris R, York     
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