“Political Ravishment” by Gillray (1797): Prime Minister William Pitt loots the Bank of England by printing money to pay for a war
Many British schoolchildren will be familiar with the song “Magic Penny”: Hold it tight and you won’t have any Lend it, spend it, and you’ll have so many They’ll roll all over the floor
Though written by an American, its popularity in this country is unsurprising. It was here, after all, that David Hume and John Stuart Mill developed the quantity theory of money, the basis for modern monetarism. So it is entirely appropriate that Britain…
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