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Periyar E. V. Ramasamy

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Even if the Brahmin swindles money he spends it here in Tamil Nadu. He is going to die here. But it is not the case with the North Indians. When opportunity arises he takes away gold, silver, copper and cash and goes away beyond 2000 miles with his bag and baggage.

 
Periyar E. V. Ramasamy

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What pride is there in saying that the Britishers are gone. In their place traders like Marwadis, Gujuraties, and Banias of North India have settled down here in Tamil Nadu. They are exploiting freely. When we see the exploitation of these Northerners, we feel that we can even forget the Brahmins.

 
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Money is different from all other commodities: other things being equal, more shoes, or more discoveries of oil or copper benefit society, since they help alleviate natural scarcity. But once a commodity is established as a money on the market, no more money at all is needed. Since the only use of money is for exchange and reckoning, more dollars or pounds or marks in circulation cannot confer a social benefit: they will simply dilute the exchange value of every existing dollar or pound or mark. So it is a great boon that gold or silver are scarce and are costly to increase in supply.
But if government manages to establish paper tickets or bank credit as money, as equivalent to gold grams or ounces, then the government, as dominant money-supplier, becomes free to create money costlessly and at will. As a result, this 'inflation' of the money supply destroys the value of the dollar or pound, drives up prices, cripples economic calculation, and hobbles and seriously damages the workings of the market economy.

 
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Copious springs are found where there are mines of gold, silver, iron, copper, lead, and the like, but they are very harmful.

 
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