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TWO CLASSICAL PERSPECTIVES
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Adam Smith Alfred Marshall banking system bankruptcy basis behavior benefits from inflation billion borrowers bring inflation bureaucrats causing inflation chronic inflation cial constitutional Consumer Price Index convert government debt corporations costs counterfeiting currency deficits defraud deposits Depression distortions dollars economic economists effect ernment example fact favor federal government fiat funds fiat money free market function gold government securities government's financial incentive income tax increase indebtedness inflation swindle inflation-proof bonds inflation-proof securities inflationary environment inflationary realities infusion of fiat interest rates involved issue Keynes long-term loss manipulations ment monetary money supply Moreover normal obligations open market open market operations past four decades percent for banks policies political politicians private sector problem procedure profligate spenders protect purchasing power units rate of inflation reserve assets Reserve's safeguard savers savings stable standard standard of value tax rates terest tion U.S. Constitution U.S. government U.S. Treasury bills undermine