[N]othing can preserve the integrity of contract between individuals, except the discretionary authority of the State to revise what has become intolerable. The powers of uninterrupted usury are too great. If the accretions of vested interest were to grow without mitigation for many generations, half the population would be no better than slaves to the other half. Nor can the fact that in time of war it is easier for the State to borrow than to tax, be allowed permanently to enslave the tax-payer to the bond-holder. ...[T]he continuance of an individualistic society ...depends for its existence on moderation. (John Maynard Keynes)

[N]othing can preserve the integrity of contract between individuals, except the discretionary authority of the State to revise what has become intolerable. The powers of uninterrupted usury are too great. If the accretions of vested interest were to grow without mitigation for many generations, half the population would be no better than slaves to the other half. Nor can the fact that in time of war it is easier for the State to borrow than to tax, be allowed permanently to enslave the tax-payer to the bond-holder. ...[T]he continuance of an individualistic society ...depends for its existence on moderation.

John Maynard Keynes

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authority borrow continuance contract easy existence fact great half integrity interest mitigation moderation nor population preserve revise society state tax time usury war powers

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