When goods are exchanged between countries, they must be paid for by commodities or gold. They cannot be paid for by the notes, certificates, and checks of the purchaser's country, since these are of value only in the country of issue.

Hitler's economic revolution in Germany had reduced financial considerations to a point where they played no role in economic or political decisions

Thus, the use of fiat money is more justifiable in financing a depression than in financing a war.

I am now quite sure that Tragedy and Hope was suppressed although I do not know why or by whom

It is not easy to tear any event out of the context of the universe in which it occurred without detaching from it some factor that influenced it.

For years I have told my students that I been trying to train executives rather than clerks. The distinction between the two is parallel to the distinction previously made between understanding and knowledge. It is a mighty low executive who cannot hire several people with command of more knowledge than he has himself.

Inflation, especially a slow steady rise in prices, encourages producers, because it means that they can commit themselves to costs of production on one price level and then, later, offer the finished product for sale at a somewhat higher price level. This situation encourages production because it gives confidence of an almost certain profit margin.