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"Lenin is said to have declared that the best way to destroy
the capitalist system was to debauch the currency. 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. The sight of this arbitrary
rearrangement of riches strikes not only at security, but at
confidence in the equity of the existing distribution of wealth.
Those to whom the system brings windfalls, beyond their deserts
and even beyond their expectations or desires, become
'profiteers,' who are the object of the hatred of the
bourgeoisie, whom the inflationism has impoverished, not less
than of the proletariat. As the inflation proceeds and the real
value of the currency fluctuates wildly from month to month, all
permanent relations between debtors and creditors, which form the
ultimate foundation of capitalism, become so utterly disordered
as to be almost meaningless; and the process of wealth-getting
degenerates into a gamble and a lottery.
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 is able to diagnose."