Thus, even with relatively heavy damping such shocks generate fairly regular cycles. The result is of considerable importance. - Michał Kalecki

It is the export surplus and the budget deficit which enable the capitalists to make profits over and above their own purchases of goods and services.
The connection between 'external' profits and imperialism is obvious.

It has been frequently assumed that V is constant; and this indeed is the cornerstone of the quantity theory of money. But it seems fairly obvious that the velocity of circulation in fact depends on the short-term rate of interest.

In any case of the budget deficit the private sector of the economy receives more from government expenditure than it pays in taxes.