"By a continuing process of inflation, governments can confiscate, secretly and unobserved, an important part of the wealth of their citizens. 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."
John Maynard Keynes
(1883-1946) British economist
"The Economic Consequences Of The Peace" 
Bookmark and Share  
Reader comments about this quote:
 -- Tony D., Toronto 
 -- Mike, Norwalk 
...the 999,999,999 people who don't understand this don't do real estate!
 -- Gregg, Houston
 -- jim k, austin 
The amazing thing is that Keynesian economics has been openly acknowledged and promoted for decades. Everyone in the banking business knows how this works -- in their world, we are all suckers. Most politicians know about this scam, too, and they merely borrow and spend as much as they possibly can while reaping the benefits and putting the burdens upon the people. Next time you hear people talking about the 'rich' and the 'poor' remember that members of Congress either are the 'rich' or work for the rich.
 -- E Archer, NYC
We just witnessed a secretly unobserved confiscation of wealth with the controlled economic "collapse" that just happened. The further centralization of the combination corporate banking and business government (sorry, industry) is another strong motive for it.
 -- Anon
No they don't work for the rich. They work for the wealthy. When they say rich they mean people that have the ability to create wealth in order to become one of the wealthy. The left chants the hate speech because they do not want any new money competing with their old money. When you look at the congress you will find that the Dems are mostly wealthy from some means other than their own efforts. While the majority of the Republicans made their wealth on there own. This makes the politicians attitudes toward wealth and wealth creation easy to understand. Dems inherit it while Republicans earnit. It is a war between old money and new money. If you look at the liberal republicans you will again find old money. This is obviously not true in every case but it holds true in general. The tax codes are made to make it hard for someone that wants to become one of the wealthy. The wealthy already have their money so income taxes do not affect them. The drum beat of getting even with the wealthy is fodder for the ignorant.
 -- warren, olathe
What a slimeball....
 -- M., Norman Park
Yeah, bring political parties into this. BOTH parties are Keynesian assholes. So stop touting one party of the other as the people who ''earn their bread''.
 -- Anonymous
Those who don't learn from history are doomed to repeat it. Here we are. Start slapping people awake with long known truths like this and expose their two party idealogy as the corrupt fraud that it is. The Banksters are back. Just ask Obama. His primary source of campaign financing was [drum roll] financial insitutions!
 -- Eric H., Mechanicsville, VA
Not one man in a million? How many in a million realize that collapsing buildings do not turn everything into powder but explosions do? How many realize that 911 was an inside job. The rest of them are zombies for the devil.
 -- hardtruth, Hudson
 -- Anonymous 
LOL... oh yes, inflation is an evil plan by "them" in government...
 -- Anonymous, Thinking Amierica
Yes, the Treasury Secretary and Federal Reserve Chairman, and every currency and bond trader in the world knows how fiat currency works -- even if the Thinking 'Amierican' doesn't. Think again, my friend, since you obviously know nothing about the creation of money and the resulting inflation. Obama has overseen the largest expansion of the money supply in American history -- that will result in massive inflation (and they want more) and eventually an even more massive collapse than the current depression because the money is created as a 'loan' and when it is paid back it disappears into the void from which it came. All the while, ever increasing interest payments are required to essentially 'rent' our money supply. Since this is the bankers' game, it is fixed in their favor with the end result being the crashing of the currency to bring about another funny money scheme -- just like they did in Europe. The 'Amero' is slated for the North American Union which has not had much traction among the last die-hard independent thinkers of America. Obama is the bankers' choice, as was FDR, and they are following the same old game plan. Obviously the propaganda is working on the dumbed-down 'Amiericans.'
 -- E Archer, NYC
Thinking Amierica? ... I don't "think so" ;-)
 -- J Carlton, Calgary
the onlt thing worse is DEFLATION!
 -- Waffler, Smith
who does not want to make more money who doesn't want to sell for more than they paid.Thus inflation. Thus capitalism. The amswer is price control and socialism.
 -- Waffler, Smith
Who's going to pay for the Socialism Waffler, the Socialists? hahahahahaha You're just a mess today aren't you? lol
 -- J Carlton, Calgary
Buck Ofama. Bernanke, Greenspan, Geithner, and a host of other psychopaths have earned "Death by Slicing". Those mofos.
 -- Byron, Fort Collins
Only a Narcissistic psychopath could want to kill America.
 -- Byron, Fort Collins
BTW Waffler,,,you have no concept of inflation. It's created by the issuance of credit from the Federal Reserve. Currency is a commodity. When there is too much of it in circulation is becomes less valuable and more of it is required to purchase things. That's inflation.
 -- J Carlton, Calgary
No, Waffler, that is not inflation. Inflation is caused by increasing the money supply without an increase in the goods and services for which the currency is a medium of exchange. If the US government creates 2 trillion dollars of money and spends it into circulation, it is increasing the money supply without an increase in goods and services. As well, this money is 'loaned' in to circulation and when it is paid back the money supply contracts. This is how the 1st Great Depression was caused. This is the cause of booms and busts. But, Waffler, I don't explain this so you will understand, because you have once again admitted that you are for control and socialism, not liberty. Waffler is the quintessential definition of a "useful idiot."
 -- E Archer, NYC
Proof again that when the devil speaks, we must listen and believe. We need to relink the dollar to the gold standard, stop printing money, and let the bankruptcy courts work their magic on deadbeat companies.
 -- hankrearden, burr ridge illinois
Waffler WHAT ? ? ? Its overly obvious that you like to redefine things, try to associate disassociated concepts, use mis-direction, lie, and then make up fairy tales that you hope someone will believe. Its also obvious your last sentence was an absolute foopah designed just to get a response. OK, I'll bite, here's a response.Capitalism is an economic system beyond laissez-faire (governmental allowed freedom). It is an economic system by individual sovereigns investing excess capital into a free market. Through debauchery, threat, duress, and otherwise fraud, FRN's can be used in place of money but in fact, they are debt. Capital can also be used as money as it is a positive, weigh-able, tangible, etc. asset. At their most fundamental core, FRN notes and capital are antithetical to one another in a free market. (of course, capital continues to be re-defined by socialist governments) Paying less and selling for more in a capitalistic system would be by supply and demand (non-inflationary) When government gets involved and lessons the value of the funny money, the value of the home doesn't change (only the funny money changes value - no profit, just a higher denomination of the devalued funny money / socialism, not capitalism). When government creates an unlawful demand (by inflation and fraudulent credit - again, socialistic maleficence not free market capitalism) and increased fiat, prices rise while value stays static. I can go on and on if you like but, since you obviously lied about the definitions of inflation, capitalism and what socialistic price control means, I probably don't need to.
 -- Mike, Norwalk
A while back Waffler you posted your email address in one of your comments and invited people to contact you. I put the address into the search engine and found some posts on a few blogs promoting Hilary Clinton for president along with a personals site. One of your photos seem to put your comments into perspective: http://pics.plentyoffish.com/dating/41/Eufaula_personals_14119188.jpg Bill Clinton is known for saying, "You can't love your country and hate your government." But I guess you can hate your country and love your government - right Waffler?
 -- rather not say
Again, Waffker ia as useful as tits on a BOAR! One man in 250 million DId diagnose the problem. His name was Merrill Jenkins, Monetary Realist (1919-1979. He was inventor of the dollar bill changer and author of 7 books, the first was "Money", The Greatest Hoax on Earth. the other 6 are free at: www.morpix.biz/x15 ignore any religious comments you may see there. Site was not made by Jenkins or by me. To learn what others think of the Monetary Realist long after his passing, google with quotes as sdhown "merrill jenkins" money Also see: www.morpix.bix/x4 www.morpix.biz/gates and www.morpix.biz/fdalist
 -- Winsmith, St. Louis
one word.FEMA
 -- anon, usa
If 'rather not say' is correct, that picture of Waffler speaks volumes. Waffler, is that really you?
 -- E Archer, NYC
The same warning we had from Thomas Jefferson regarding the creation of a central bank. Truly taxation without representation.
 -- J. Allen, Arlington, Va
Our forefathers had taxation without representation but we have tax illusions with misrepresentation. The Fed said their incredible system "works (us) only with credit" and taxes cannot be paid with credit! They admitted with those words that no one pays any taxes and that our misleaders spend nothing and pay for nothing!
 -- Dave Wilber, St. Louis
Rate this quote!
How many stars?

What do YOU think?
Your name:
Your town:

More Quotations
Get a Quote-A-Day! Free!
Liberty Quotes sent to your mail box.
RSS Subscribe
Quotes & Quotations - Send This Quote to a Friend

© 1998-2015 Liberty-Tree.ca