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Lenin is said to have declared that the best way to destroy the Capitalist System was to debauch the currency. By a continuing process of inflation, governments can confiscate, secretly and unobserved, an important part of the wealth of their citizens. By this method they not only confiscate, but they confiscate arbitrarily; and, while the process impoverishes many, it actually enriches some.
"Lenin is said to have declared that the best way to destroy the capitalist system was to debauch the currency. By a continuing process of inflation, governments can confiscate, secretly and unobserved, an important part of the wealth of their citizens. By this method they not only confiscate, but they confiscate arbitrarily; and, while the process impoverishes many, it actually enriches some. The sight of this arbitrary rearrangement of riches strikes not only at security but [also] at confidence in the equity of the existing distribution of wealth.
Those to whom the system brings windfalls, beyond their deserts and even beyond their expectations or desires, become "profiteers," who are the object of the hatred of the bourgeoisie, whom the inflationism has impoverished, not less than of the proletariat. As the inflation proceeds and the real value of the currency fluctuates wildly from month to month, all permanent relations between debtors and creditors, which form the ultimate foundation of capitalism, become so utterly disordered as to be almost meaningless; and the process of wealth-getting degenerates into a gamble and a lottery.
Lenin was certainly right. There is no subtler, no surer means of overturning the existing basis of society than to debauch the currency. The process engages all the hidden forces of economic law on the side of destruction, and does it in a manner which not one man in a million is able to diagnose."
Lenin is said to have declared that the best way to destroy the capitalist system was to debauch the currency. By a continuing process of inflation, governments can confiscate, secretly and unobserved, an important part of the wealth of their citizens. By this method they not only confiscate, but they confiscate arbitrarily; and, while the process impoverishes many, it actually enriches some. The sight of this arbitrary rearrangement of riches strikes not only at security, but at confidence in the equity of the existing distribution of wealth. Those to whom the system brings windfalls, beyond their deserts and even beyond their expectations or desires, become 'profiteers,' who are the object of the hatred of the bourgeoisie, whom the inflationism has impoverished, not less than of the proletariat. As the inflation proceeds and the real value of the currency fluctuates wildly from month to month, all permanent relations between debtors and creditors, which form the ultimate foundation of capitalism, become so utterly disordered as to be almost meaningless; and the process of wealth-getting degenerates into a gamble and a lottery. Lenin was certainly right. There is no subtler, no surer means of overturning the existing basis of society than to debauch the currency. The process engages all the hidden forces of economic law on the side of destruction, and does it in a manner which not one man in a million is able to diagnose.
Lenin is said to have declared that the bestway to destroy the Capitalist System was to debauch the currency. By a continuing process of inflation, governments can confiscate, secretly and unobserved, an important part of the wealth of their citizens. By this method they not only confiscate, but they confiscatearbitrarily; and, while the process impoverishes many, it actually enriches some. The sight of this arbitrary rearrangement of riches strikes not only at security, but at confidence in the equity of the existing distribution of wealth.
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Hundreds of thousands of rouble notes are being issued daily by our treasury. This is done, not in order to fill the coffers of the State with practically worthless paper, but with the deliberate intention of destroying the value of money as a means of payment... Experience has taught us it is impossible to root out the evils of capitalism merely by confiscation and expropriation... The simplest way to exterminate the very spirit of capitalism is therefore to flood the country with notes of a high face-value without financial guarantees of any sort. ...[T]he great illusion of the value and power of money, on which the capitalist state is based will have been definitely destroyed.
He may be among the most notorious fascists, but Mussolini was not the first to introduce economic and political fascism to the world. After Lenin’s ‘War Communism' produced massive famine, street riots, and economic collapse, Marxist leaders searched for an alternative ‘Third Way’ between socialism and capitalism. In response, Lenin rolled out his New Economic Policy (NEP) in 1921, which introduced a form of ‘market socialism’ or what he approvingly dubbed, ‘state capitalism.’ In fact, Lenin described this change as the ‘development of capitalism under the control and regulation of the proletarian state (in other words, ‘state’ capitalism of this peculiar kind) is advantageous and necessary…’ which was adopted by the Third Congress of the Communist International. This means that fascism was not the ‘last stage of capitalism’ as Marxist historians have maintained, but the first stage of a pullback from the economic and political failures of Marxism–Leninism. Lenin’s reactionary policies to mitigate the defects of absolute nationalization and communism not only spawned the NEP but also ushered in the world’s first modern fascist regime.
Lenin was not concerned about democratic government. His main purpose was the social and economic emancipation of the worker under any form of government that would be most suited to achieve that end. The Bolsheviks were numerically a small party, drawn almost entirely from amongst the town workers, and their grip on power was not based on any principle of majority rule, gauged by the counting of heads, but on the right of the strongest, measured in terms of firm will, dear purpose and armed force. The peasants acquiesced with the patient docility of a people accustomed for generations to autocratic rule.
Lenin’s distinctive contribution to European history had been to kidnap the centrifugal political heritage of European radicalism and channel it into power through an innovative system of monopolized control: unhesitatingly gathered and forcefully retained in one place. The Communist system might corrode indefinitely at the periphery; but the initiative for its final collapse could only come from the centre. In the story of Communism’s demise, the remarkable flowering in Prague or Warsaw of a new kind of opposition was only the end of the beginning. The emergence of a new kind of leadership in Moscow itself, however, was to be the beginning of the end.
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