‘The crucial test of private property .. money.’

‘The crucial test of private property is the attitude of government toward money. Devaluation of currency is outright expropriation. The British empire was founded when the debased coinage was restored to standard during the opening years of the reign of Elizabeth, on the advice of Gresham. At the time, English trade was in distress, the national treasury was empty, the national credit was gone and mercantile credit shaky, war was threatening and rebellion a possibility. In such circumstances, governments usually resort to repudiation, confiscation, and fiat currency. Instead, England took the opposite course. The world came under her sway. The British empire ended three hundred and fifty years later, when England again debased her coinage, defaulted on her debts, confiscated private property, and abrogated personal liberty.’

– Isabel Paterson, The God of the Machine, Page 62