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Politics : Ask Michael Burke
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To: BGR who wrote (71432)12/5/1999 1:16:00 PM
From: Mike M2  Read Replies (2) of 132070
 
BGR, Lionel Robbins note in his " The Great Depression" p. 49 " Mr Keynes, it will be remembered, was not one of those who expressed alarm at the abundance of cheap money during the days of the expansion. On the contrary, he was one of the chief influences in the world calling for more and more cheap money. In his ( Keynes)"Treatise on Money", however, with customary candour, he admits having misapprehended the situation: Anyone who looked only at the index of prices would see no reason to suspect any material degree of inflation, whilst anyone who looked only at the total volume of bank credit and the prices of common stocks would have been convinced of the presence of an inflation actual or pending . For my part I took the view at the time that there was no inflation in the sense in which I use this term. Looking back in the light of fuller statistical information than what was then available, I believe that whilst there was probably no material inflation up to the end of 1927, a genuine profit inflation developed some time between that date and the summer of 1929." A Treatise on Money vol. ii p.190 I would add that the economists of the Austrian school recognized the dangers of the credit inflation of the 20s and knew there would be tough love and economic violence for all. ho ho ho Mike
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