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Balance Quote by John James Cowperthwaite

“Deficit financing proper is rather the process whereby a Government…” quote by John James Cowperthwaite
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“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.”

John James Cowperthwaite

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