EVEN KEYNES KNEW THE TRUTH

It is common to speak as though, when a Government pays its way by inflation, the people of the country avoid taxation. We have seen that this is not so. What is raised by printing notes is just as much taken from the public as is a beer-duty or an income-tax. What a government spends the public pay for. There is no such thing as an uncovered deficit. ~ John Maynard Keynes (1923)