ABSTRACT
Politicians, preoccupied with the problems of the day, farmers and industrialists who were not sorry to get rid of their debts, and other groups who put the sham profits of inflation above their permanent interests, pussy-footed the issue of inflation until it was too late. Italy is another example. The governments in office between the close of the war and the advent of fascism did the same thing as Germany for the same reason. But Mussolini wanted to stop inflation. Our inflation problem is serious only because neither politicians nor the politically important interests take it seriously. In Incipient Inflation they are likely to use the money for repaying debts or for strengthening cash positions. If government expenditure, financed by newly created money, proceeds beyond the situation just described, we enter the phase of Advanced Inflation. Measures to stop or mitigate inflation differ according to the phase the process has reached.
