John James Cowperthwaite Quote

Deficit financing proper is rather the process whereby a Government spends more money that it withdraws from the economy by taxation, borrowing, running down reserves, etc.; thereby causing in most circumstances, and very acutely in ours, monetary inflation and severe pressure on the balance of payments.


March 29, 1967, page 249. - Official Report of Proceedings of the Hong Kong Legislative Council


Deficit financing proper is rather the process whereby a Government spends more money that it withdraws from the economy by taxation, borrowing,...

Deficit financing proper is rather the process whereby a Government spends more money that it withdraws from the economy by taxation, borrowing,...

Deficit financing proper is rather the process whereby a Government spends more money that it withdraws from the economy by taxation, borrowing,...

Deficit financing proper is rather the process whereby a Government spends more money that it withdraws from the economy by taxation, borrowing,...