In numerous years following the war the Federal government ran a heavy surplus. It could not pay off it's debt, retire its securities, because to do so meant there would be no bonds to back the national bank notes. To pay off the debt was to destroy the money supply.


Chapter VIII, The Great Compromise, p. 90 - Money: Whence It Came, Where It Went (1975)

John Kenneth Galbraith Quotes

In numerous years following the war the Federal government ran a heavy surplus. It could not pay off it's debt, retire its securities, because to do...

In numerous years following the war the Federal government ran a heavy surplus. It could not pay off it's debt, retire its securities, because to do...

In numerous years following the war the Federal government ran a heavy surplus. It could not pay off it's debt, retire its securities, because to do...

In numerous years following the war the Federal government ran a heavy surplus. It could not pay off it's debt, retire its securities, because to do...