Category Archives: History / Economic

The most injurious class that a nation can harbour

“They had learned then how easy it is to issue it; how difficult it is to check its overissue; how seductively it leads to the absorption of the means of the workingmen and men of small fortunes; how heavily it falls on all those living on fixed incomes, salaries or wages; how securely it creates on the ruins of prosperity of all men of meagre means a class of debauched speculators, the most injurious class that a nation can harbour—more injurious, indeed, than professional criminals whom the law recognises and can throttle; how it stimulates overproduction at first and leaves every industry flaccid afterward; how it breaks down thrift and develops political and social immorality.” 
  ~Andrew Dickson White

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