Just as kings debased coins to help pay for their wars, the Fed used inflation to help pay for US participation in World War I. It did so by creating and issuing dollars in return for government debt.
Lo que la bruja era para el hombre medieval, lo que el capitalista es para los socialistas y comunistas, el especulador es para la mayoría de los políticos y estadistas: la encarnación del mal.
What the witch was to medieval man, what the capitalist is to socialists and communists, the speculator is to most politicians and statesmen: the embodiment of evil.
Keynes y Hazlitt: sus vidas y lealtades son un estudio en contraste — y sobre todo de las elecciones nacidas de la convicción interna, en el caso de Hazlitt, o de la falta de ella, en el caso de Keynes.
Keynes and Hazlitt: their lives and loyalties are a study in contrast — and mostly of choices born of internal conviction, in Hazlitt's case, or lack thereof, in Keynes's case.
