chapter  XX
11 Pages


WE live in a period of dramatic developments and of kaleidoscopic changes of situation, and in such times it is a thankless task to forecast the future. By the time a writer's conclusions appear in print they may have been already rendered obsolete by events. Notwithstanding this, we feel that we run no grave risk in concluding that, taking a long view, the departure of Great Britain from the gold standard will prove to be beneficial both from a British and an international point of view. We do not attempt to minimize the grave immediate inconveniences caused by the depreciation of sterling. Beyond doubt, it has aggravated the international crisis, and has inflicted heavy losses upon many countries. It has undermined confidence in the monetary and banking system of most nations. We believe, however, that the result in the long run will prove to be worth the price paid for it.