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Gold Standard Now Gives Schuler Mad Props

Our friend and colleague Ralph Benko gave blogger Kurt Schuler mad props (do the kids still say that?) over on the Gold Standard Now site "Lenin on Keynes: "more striking … than any … Communist revolutionary."  He raises the question, was this quotation attributed to Lenin authentic or apocryphal, “the best way to destroy the capitalist system [is] to debauch the currency.”  He continues to label Kurt and his coauthor Michael V. White "two eminent monetary scholars" and goes to them for the answer.

  • George Selgin

    Frank W. Fetter wrote about this some years ago. If I recall correctly, he could not locate the quote in any of Lenin's writings.

    I have another one for Kurt and Mike, if they're game. I recall seeing a quote from Keynes himself, said in response to the Fed's decision to double reserve requirements in 1936-7 so as to avoid an outbreak of inflation. "They profess to fear," Keynes quipped, "that for which they dared not hope."

    For the life of me I can no longer find that quotation's source.

  • Mike Sproul


    I can't find the "dared not hope" quotation, but the link below gives a good source for the Lenin quote.

    • George Selgin

      Yes, of course I know that Kurt and Mike found the source; my point was that the fact that Kurt and Mike found it even though Fetter (a very good historian of monetary thought) couldn't is very impressive indeed.

  • Mike Sproul

    (Mad props to Kurt, by the way.)