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Later, when there was a metal coinage, this cycle of inflation and deflation became still clearer. The metal coinage was of its full nominal value, so that it was possible to coin money by melting down bronze implements. As the money in circulation was increased in this way, the value of the currency fell. Then it paid to turn coin into metal implements.
The credits will help to solve the pressing problems growing out of war-inflated land values and the drastic deflation of three years ago, but permanent and deserved agricultural good fortune depends on better and cheaper transportation. Here is an outstanding problem, demanding the most rigorous consideration of the Congress and the country. It has to do with more than agriculture.
The obsession with price stability led to policy excesses and disinflation gave way to deflation arguably an economic ill far more pernicious than inflation. Deflation coupled with negative savings and monstrous debt burdens can lead to prolonged periods of zero or negative growth.
Townsend's conversation was a curious contradiction. Half of it consisted of tremendous generalities, which made the hearer gasp with a kind of mental deflation. The other side consisted of specific statements of the most meticulous kind. And these contradictory forms of attack upon the intelligence with whom he was in conversation were mixed together in the most admired disorder.
The credits will help to solve the pressing problems growing out of war-inflated land values and the drastic deflation of three years ago, but permanent and deserved agricultural good fortune depends on better and cheaper transportation. Here is an outstanding problem, demanding the most rigorous consideration of the Congress and the country. It has to do with more than agriculture.
They signal visceral aversion to inflation but ignore the risk of deflation altogether. As inflation subsides, disinflation seamlessly fades into deflation. People accustomed to the deflationary bias of central banks expect prices to continue to fall. They defer consumption. This leads to inextricable and all-pervasive recessions.
Of course, I recognize that a far greater number kept their contracts, even when it brought them to the verge of ruin. But when in the history of American business was there such a volume of broken faith as in the drastic deflation of 1920? In the greater sphere of social life, we find the same revolt against the institutions which have the sanction of the past.
He had a slight feeling of deflation, followed by a glow of curiosity; and he returned into the house to change his orders about the medicine. He had been prescribing a solution of arsenic, the dose increasing little by little toward the point of tolerance. Now, for the purpose of experiment, he ordered that the dose was to remain the same.
It is ironic that xenophobic and anti-immigration parties hold the balance of power in a continent so dependent on immigration for the survival of its way of life and institutions. The internal, common, market of the EU has matured. Its growth rate has leveled off and it has developed a mild case of deflation.
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.
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