Our student will be told that from 1914 onwards, the world was governed by wicked or ignorant men who took advantage of the confusion created by the war to indulge in unbalanced budgets and plunge their countries into a reckless inflationary monetary policy. The Powers of Darkness continued to rule the world for some years after the war until they were defeated and gradually displaced by the Powers of Light, represented by the appearance of stabilisation and deflation. The victory of the Powers of Light was not, however, complete according to the orthodox chroniclers who were at pains to discover evil inflationary influences even after general stabilisation and even after prices began to slump through deflation.