Part I Credibility in practice and in experimental testing
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A Government can live for a long time, even the German Government or the Russian Government, by printing paper money…. It is the form of taxation which the public find hardest to evade and even the weakest Government can enforce, when it can enforce nothing else. Of this character have been the progressive and catastrophic inflations practiced in Central and Eastern Europe, as distinguished from the limited and oscillatory inflations experienced for example in Great Britain and the United States.