For the purpose of this inquiry a triple classification of Society is convenient—into the Investing Class, the Business Class, and the Earning Class.

Economists draw an instructive distinction between what are termed the “money” rate of interest and the “real” rate of interest.

It has been a commonplace of economic text-books that wages tend to lag behind prices, with the result that the real earnings of the wage-earner are diminished

A fluctuation in the measuring-rod of value does not alter in the least the wealth of the world, the needs of the world, or the productive capacity of the world

A Government can live for a long time, even the German Government or the Russian Government, by printing paper money.

Parts of this chapter raise, unavoidably, matters of much greater difficulty to the layman than the rest of the book.

“The arrangement would not last for any appreciable period unless, as a preliminary, the Governments took the necessary steps to balance their budgets.

Transactions in “spot” exchange are for cash—that is to say, cash in one currency is exchanged for cash in another currency.

The reader should notice, further, the different parts played by discount policy under the one régime and under the other.

It is natural, after what we have experienced, that prudent people should desiderate a standard of value which is independent of Finance Ministers and State Ban

A method for regulating the supply of currency and credit with a view to maintaining, so far as possible, the stability of the internal price level

It is necessary to presume to begin with that we are dealing with countries which have not lost control of their currencies.