No one said that the central bank would make it possible for the United States to be at large-scale war in one of every four years for a full century.
The connection between war and inflation dates long before the creation of the Federal Reserve.
Without it, the repercussions of war on welfare become obvious much more quickly and penetratingly; war weariness would set in much earlier.
The German government also funded its Great War through inflation.
The Russian war itself was funded through money creation, which also led to massive price increases and controls and shortages during the war.
As horrific and catastrophic as the war dead were for Russian morale, the inflation affected every last person and inspired massive unrest that led to the triumph of Communism.
If the state has the power and is asked to choose between doing good and waging war, what will it choose? Certainly in the American context, the choice has always been for war.
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