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Updated: June 9, 2025
It may have been preceded by a great over-expansion of credit; and the maintenance of the existing price level might mean a steady source of danger to the banking and commercial system. Then the soundest policy is to reduce wages as prices fall. To the extent that the trouble may be due to special causes such as over-investment in particular directions, this reduction of wages may be unnecessary.
Public spending in excess of public income; higher levies and taxes to replenish the empty treasury; rising prices due to excess of demand over supply; public borrowing with no means for repayment; the issue of money without corresponding reserves; degradation of currency through decrease of its metal content; unemployment among citizens due chiefly to increase in forced labor of war captives and other slaves; public insolvency due to territorial over-expansion; excessive overhead costs; nepotism, bribery, corruption in public service; an over-large bureaucracy feeding at the public trough.
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