Thread by Neil 'Winston' Smith 🕊: More Keynes, on the Bank of England desperately trying to throttle inflation in the post-WWI era: twitter.com/Machiavellecon/status/1628673109170573312/photo/1

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 ...