—Bad Spirit at Home and Abroad—Bad Leadership—The Workers' Ambitions—And Natural Mistakes—Expenses of Readjustment—Monetary Effects of Public and Private Profligacy—The Gold Standard Abandoned—Was this Necessary?—Gold could not have gone Quickly—The Federal Reserve Board's Nerves—The Floating Debt—The Funding Loan Failure—Reaction Against Extravagance—Bank Rate Raised—A Treasury Minute.
CHAPTER V
The End of Borrowing—What had to be done with our Money?—Drastic Deflation?—Stabilization?—Or more Inflation?—Arguments for a Gradual Fall—Drastic Measures Taken—Professor Cannan's Bonfire—Professor Pigou's Bank Rate—Influence of Price of Money—Bankers and Credit—Collapse Began in China—Governor Strong's Evidence—High Rates did not Contract Credit—Mr. Hawtrey's Criticism.
CHAPTER VI
New and Old Currency Reformers—Mr. Kitson—His Various Solutions—Major Douglas—Interpreted by Mr. Kitson—Criticized by the Labour Party—Who want to Nationalize Banking—Mr. Webb's Bisection Proposal—Professor Soddy's Light on Economics—Mr. Lowenfeld's Way "Back to Prosperity"—Credit Restrictions and Bad Harvests.
