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But in the first place I observe, that this is more properly the discovery of one of the properties of a right line, than a just deflation of it. For I ask any one, if upon mention of a right line he thinks not immediately on such a particular appearance, and if it is not by accident only that he considers this property?
Its business is to furnish adequate credit and currency facilities. This it has succeeded in doing, both during the war and in the more difficult period of deflation and readjustment which followed.
It would mean a general shrinkage of values, a deflation of prices, a reduction of wages, a general depression carrying our people down to the low standard of living in our competing countries.
Industry during the period of deflation goes through a process like that of an over-fat man taking a Turkish bath. The extravagances are eliminated, new invention and energy spring up to meet the call of necessity, and when the boom years come again it finds industry, like a highly trained athlete, ready to pour out the goods and pay the wages. Economic methods are nurtured by depression.
Deflation of government after a war period is slower than deflation of business, where curtailment is either prompt and effective or disaster follows. There is room for further economy in the cost of the Federal Government, but a co n of current expenditures with pre-war expenditures is not able to the efficiency with which Government business is now being done.
The Connie wrenched violently and threw them both upward. Rip felt the star shape and twisted. If he could only deflate the Connie's suit! But the man was writhing from his grip, clawing for a weapon. Then Rip stopped reaching for the deflation valve. He grabbed his knife, jerked it free, and thrust it against the middle of the Connie's back.
Occasionally a region with an adverse balance of trade would lose all its copper money, with the result of a local deflation.
The continuing credit paralysis has operated to accentuate the deflation and liquidation of commodities, real estate, and securities below any reasonable basis of values. All of this tends to stifle business, especially the smaller units, and finally expresses itself in further depression of prices and values, in restriction on new enterprise, and in increased unemployment.
Excess capacity coupled with increasing competition, globalization, privatization, and deregulation led to ferocious price wars and to consistently declining prices. Quoted by "The Economist", Dresdner Kleinwort Wasserstein noted that America's industry is already in the throes of deflation.
The continuing credit paralysis has operated to accentuate the deflation and liquidation of commodities, real estate, and securities below any reasonable basis of values. All of this tends to stifle business, especially the smaller units, and finally expresses itself in further depression of prices and values, in restriction on new enterprise, and in increased unemployment.
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