ABSTRACT
The coining of the term "hot money" in the United States is evidence of the susceptibility of the American people to the danger of large liquid funds being held by people who have no confidence in the kinds of money in their possession. Some peoples have a highly developed metallic complex, or gold complex, with respect to their currencies; others are entirely free from such complexes. The over-valuation of their currencies caused their exports to decrease and forced them to settle their adverse international balances of trade by gold payments. The slow replenishment of their gold stocks by a few nations needs to be accelerated and extended to all nations. The forces which have been effective in stopping the de-hoarding of gold must be supplemented so that the balance between the gold reserves necessary for the efficient working of the international currency and the gold reserves necessary to the efficient working of the various national currencies can be restored.
