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*Came across this by accident. Thought it worth sharing.
In March 1919, the Communist Party headed by Vladimir Lenin stated in its newly drafted program that among the party objectives was the complete abolition of money. The State Bank of Russia would be “abolished and turned into the central bookkeeping office of the Communist society.”1 In theory, the ruling party could have simply decreed money out of existence, but this would fail to eliminate the circulation of currency throughout a vast country that the Bolsheviks did not fully control in 1919.
Instead, their strategy was to resort to the printing press. The banks were among the first institutions the Bolsheviks seized, and control over the money supply allowed them to pay salaries to the recently formed secret police and Red Army that were used to consolidate Bolshevik control following the 1917 revolution. But the rapid printing of money was also part of a deliberate strategy to usher in the inevitable moneyless economy of communism.
Read the rest:
mises.org
Inflation: The Soviet Tool for Destroying Money
In March 1919, the Communist Party headed by Vladimir Lenin stated in its newly drafted program that among the party objectives was the complete abolition of money. The State Bank of Russia would be “abolished and turned into the central bookkeeping office of the Communist society.”1 In theory, the ruling party could have simply decreed money out of existence, but this would fail to eliminate the circulation of currency throughout a vast country that the Bolsheviks did not fully control in 1919.
Instead, their strategy was to resort to the printing press. The banks were among the first institutions the Bolsheviks seized, and control over the money supply allowed them to pay salaries to the recently formed secret police and Red Army that were used to consolidate Bolshevik control following the 1917 revolution. But the rapid printing of money was also part of a deliberate strategy to usher in the inevitable moneyless economy of communism.
Read the rest:
Inflation: The Soviet Tool for Destroying Money | Chris Calton
In March 1919, the Communist Party headed by Vladimir Lenin stated in its newly drafted program that among the party objectives was the complete abolition of money.
