By this means (fractional reserve banking) government may secretly and unobserved, confiscate the wealth of the people, and not one man in a million will detect the theft.
- John Maynard Keynes - Topics: Fiat Currency.
The long run is a misleading guide to current affairs. In the long run we are all dead.
- John Maynard Keynes - Topics: Government, Debt.
The old saying holds. Owe your banker $1000 and you are at his mercy; owe him $1 million and the position is reversed.
- John Maynard Keynes - Topics: Debt.
By a continuing process of inflation, governments can confiscate, secretly and unobserved, an important part of the wealth of their citizens. By this method they not only confiscate, but they confiscate arbitrarily; and, while the process impoverishes many, it actually enriches some.
- John Maynard Keynes - Topics: Government, Inflation.