ABSTRACT
BOOMS during the course of great wars can never break down into slumps, because, on the one hand, a warring government's demand for money to use is insatiable, irrespective of the cost, and, on the other, inconvertible paper currency can be issued without limit, so that the banks are enabled to create any desired amount of credit without running the risk of being left without means to meet valid cheques drawn upon them. Peace-time booms, however, may and do come to an end, either through a check to the expectations that have hitherto led business men to seek and use money, or through a check to the readiness of bankers to supply it, or through a combination of both these things.
