“By a continuous process of inflation, governments can confiscate, secretly and

—“By a continuous 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 process engages all of the hidden forces of economic law on the side of destruction, and does it in a manner that not one man in a million can diagnose.”— JM Keyens

Somehow, the “extra-judicial theft of purchasing power and wealth via inflation” (the operative Keynesian mechanism for curing a “lack of aggregate demand”) disappeared from Keynes’ narratives by the 1930s. – Bob Roddis