Many pretend this is a miraculous modern discovery from Keynes's brilliant insight that spending is all that matters, and that by ensuring spending remains high, debts can continue to grow indefinitely and savings can be eliminated. In reality, there is nothing new in this policy, which was employed by the decadent emperors of Rome during its decline, except that it is being applied with government‐issued paper money. Indeed, paper money allows it to be managed a little more smoothly, and less obviously, than the metallic coins of old. But the results are the same.
