Skip navigation

Analysis and insight into trends
in money and banking, and their impact
on the world's leading economies

Search


The founder of Communist Russia, Vladimir Lenin, was quoted by Keynes (in his 1919 Economic Consequences of the Peace) as claiming,

"...the best way to destroy the capitalist system is to debauch the currency...Lenin was certainly right. There is no subtler, surer way of overturning the existing basis of society than to debauch the currency."

Keynes advocated monetary stability as a means of maintaining respect for the key institutions of liberal democracies.