Deficit financing proper is rather the process whereby a Government spends more money that it withdraws from the economy by taxation, borrowing, running down reserves, etc.; thereby causing in most circumstances, and very acutely in ours, monetary inflation and severe pressure on the balance of payments.
--
March 29, 1967, page 249.John James Cowperthwaite
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Cowperthwaite, John James
Cox, Alan
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