This is from the final pages of Edmund Burke’s Reflections on the Revolution in France from 1790. Change “assignats” into dollars and it could be modern day America.
Is there a debt which presses them?—Issue assignats. Are compensations to be made or a maintenance decreed to those whom they have robbed of their freehold in their office, or expelled from their profession?—Assignats. Is a fleet to be fitted out?— Assignats. If sixteen millions sterling of these assignats, forced on the people, leave the wants of the state as urgent as ever—issue, says one, thirty millions sterling of assignats—says another, issue fourscore millions more of assignats. The only difference among their financial factions is on the greater or the lesser quantity of assignats to be imposed on the public sufferance. They are all professors of assignats. Even those whose natural good sense and knowledge of commerce, not obliterated by philosophy, furnish decisive arguments against this delusion conclude their arguments by proposing the emission of assignats. I suppose they must talk of assignats, as no other language would be understood. All experience of their inefficiency does not in the least discourage them. Are the old assignats depreciated at market?—What is the remedy? Issue new assignats.
Modern Monetary Theory is not so modern after all. Reading Edmund Burke is like reading something that might have been published this morning, given how stupid and unteachable the left forever is. The passage above is found at Reflections on the Revolution in France, page 194. To which, a little later is added this.
The objections within the Assembly to pulling up the floodgates for this inundation of fraud are unanswered, but they are thoroughly refuted by a hundred thousand financiers in the street. These are the numbers by which the metaphysic arithmeticians compute. These are the grand calculations on which a philosophical public credit is founded in France. They cannot raise supplies, but they can raise mobs. (ibid. 198)
It’s so accurate it’s uncanny.