Once the gold standard was suspended, there could be no doubt of the purpose of that step. In face of the exchange risk the high rate could not possibly attract foreign money. It could only be intended as a safeguard against inflation. Fantastic fears of inflation were expressed. That was to cry, Fire, Fire, in Noah's Flood. It is after depression and unemployment have subsided that inflation becomes dangerous.


Chapter IV, "Bank Rate and Deflation, 1934-32" p.144-145 - A Century of Bank Rate (1938)

Ralph George Hawtrey Quotes

Once the gold standard was suspended, there could be no doubt of the purpose of that step. In face of the exchange risk the high rate could not...

Once the gold standard was suspended, there could be no doubt of the purpose of that step. In face of the exchange risk the high rate could not...

Once the gold standard was suspended, there could be no doubt of the purpose of that step. In face of the exchange risk the high rate could not...

Once the gold standard was suspended, there could be no doubt of the purpose of that step. In face of the exchange risk the high rate could not...