George Percival Auld

Quote Topics Cited
Finance ministers the world over, responsible for assuring the service of the internal debts by forcing down the standards of living, do not find the matter so simple. They observe that the average man today finds the problem of making both ends meet a serious one. They are well aware that he demands something out of life over and above the bare necessities, and they have a realistic view of the situation created when a government demands this margin in taxes or takes it by inflation. Budgets & Budgeting
It does not seem reasonable to expect that on the grounds of being responsible for the war [WWI] they [Germany] will spontaneously pay crushing taxes to meet the reparation debt…. A tremendous debt has to be paid and powerful motives to that end are essential… in view of the calamity which has overtaken ex-enemy and Allied nations alike, German responsibility for the war cannot satisfy the Allied peoples as being the only criterion by which to measure the effort which the German people ought to make. The problem of Europe is how to preserve Germany as well as France…. If we really appreciated how deeply the war ate into the economic and social fabric of Europe we would be content for some years with a continuing system of partial moratoria aimed at keeping both debtor and creditor alive. War & Peace
Only a small part of the direct costs of the war [WWI] were paid by taxation; the greater part were financed by government borrowings which spread the burden of payment over into the future. Budgets & Budgeting