More Keynes, on the Bank of England desperately trying to throttle inflation in the post-WWI era:
This all sounds so painfully familiar. War inflation combined with supine bureaucrats running the show with their 'conventional wisdom', will end up with economic desperation among a large swathe of the population.
"For how does the process work? Clearly prices cannot fall unless either profits fall or wages fall or efficiency increases. Over a long period we might hope a good deal from an increase in efficiency; but manufacturers could not possibly hope to increase ...

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