CONTROL OF MONEY
A PROFESSOR’ S VIEW
[United Press Association. —By Electric Telegraph—Copyright].
LONDON, May 2?
The greatest effort should now ho made to secure national control of the purchasing power of money, said Professor 'Gustav Cassel, when addressing the Institute of Bankers. No further time should be wasted listening to false prophets, whose resistance to effort s to gain control of the monetary system had helped to cause, intensify and prolong the most disastrous economic catastrophe. It is time the leading central banks agreed to end the depression by declaring their intention henceforth to supply the world so abundantly with means of payment that a further fall in prices wa s impossible. As long as the central banks refused responsibility for the purchasing power of their money, humanity would be in the same situation as passengers on a liner of which the captain had lost control. United States monetary policy was chiefly responsible for the crisis. The fall of American prices had reacted on all the gold standard countries. The only possible remedy wag a systematic reduction of central banks requirements of the gold reserves.
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Hokitika Guardian, 28 May 1931, Page 5
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186CONTROL OF MONEY Hokitika Guardian, 28 May 1931, Page 5
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