Thus, the use of fiat money is more justifiable in financing a depression than in financing a war.

Summary

This quote suggests that the use of fiat money, which is not backed by a physical commodity like gold, is more acceptable in economic crises (such as a severe recession or depression) than in situations like financing a war. It implies that the government's decision to create money out of thin air is relatively more justified when used to stimulate the economy and lift it out of an economic downturn, rather than when used to fund military endeavors or conflict.

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