that the under- that the fault lies not with the French with those Gov

Chapter

ABSTRACT

THROUGH INFLATION TO STABILISATION 115 price levels would have been levelled out to a large extent, and the disequilibrium between real wealth and fictitious wealth would have adjusted itself. The deflationary movement responsible for the world crisis might have been avoided, or at any rate its proportions need not have exceeded those of an ordinary cyclic crisis.

that the under- that the fault lies not with the French with those Governments which deliberately their currencies. This admission is not, however, they were right in under-valuing the they were wrong in pursuing a policy which prevented

ABSTRACT