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To: JF Quinnelly who wrote (171)	4/4/2001 12:33:33 AM
From: Ilaine	Read Replies (1) \| Respond to of 443

Peter Temin argues that not only were the monetary policies of the four nations (US, UK, France and Germany) deliberately deflationary, but the fiscal policies were, too. The problem with the gold standard is that it is a theory and men of action never have much faith in theories. It was never actually adhered to between resumption in roughly 1925 and abandonment in roughly 1931. Yes, this is due to the effect that governments have on banks. The answer, unfortunately, is "deal with it."