Book Recommendation

“Essays in Persuasion” by the 20th century economist John Maynard Keynes, with a focus on his essay regarding inflation and deflation. Keynes called inflation the “debauchery” of the currency at the hands of central banks through various means. One major way by which a central bank can “debauch” a currency and thus give rise to inflation is by lending money to governments for their wars. After all, America’s central bank was the main financier for adventures and wars such as Afghanistan, Iraq, and Ukraine. And once a war starts and inflation rises, central banks can then raise interest rates in order to acquire more currency from the situation. Thus, the “debauchery” of the currency at the hands of central banks which Keynes argued was the essence of inflation.

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