The Harms of Governments

The demands of all organized group interests are almost invariably harmful, except only when they protest against restrictions imposed upon them for the benefit of other group interests. The pressure for more and cheaper money is an ever-present political force, which monetary authorities have never been able to resist. And it will become even more irresistible when these interests can appeal to an increasingly unrecognizable image of St. Maynard. There will be no more urgent need than to erect a new defenses against the onslaught of popular forms of Keynesianism.