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Ayn Rand on Budget & Economy

 


Government pays back borrowed money with more borrowed money

To free itself--for a while--from the limits set by reality, the government initiates a credit con game on a scale which the private manipulator could not dream of. It borrows money from you today, which is to be repaid with money it will borrow from you tomorrow. This is known as 'deficit financing'. It is made possible by the fact that the government cuts the connection between goods and money. It issues paper money, which is issued as a claim check.
Source: The Ayn Rand Lexicon, by Harry Binswanger, p.117 , Jan 1, 1988

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Page last updated: Jul 06, 2014