By Jacques Rueff
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Example text
But in every circumstance, if it is to be effective, it must bring on a deflation of considerable magnitude. It subjects the economy to a sort of shock treatment and has a painful social impact. In addition, it can only be followed in a given political context which does not always exist and which, in any case, is always influenced by the backlash effects resulting from the rehabilitation operation proper. Can one really evade the obligation of asking oneself—and asking the monetary and political authorities—whether it is wise to turn down regulating influences that are hardly perceptible but always effective (unless, of course, they are offset by concomitant variations)?
S. gold from claims on it resulting from the existence of private foreign holdings. It would also enable the monetary authorities to appreciate the merits of requests for repayment in gold that might be submitted to them. Furthermore, even this last precaution would not be absolutely necessary because central banks, by virtue of their high tradition of international solidarity, could not possibly be expected to behave irresponsibly or to jeopardize the solvency of their debtors by untimely requests for repayment.
On the other hand, the second approach aims at offsetting in one single operation the cumulative effect of excess purchasing power, often of protracted duration. The reduction in the purchasing power must be all the more substantial as it has long been postponed. But in every circumstance, if it is to be effective, it must bring on a deflation of considerable magnitude. It subjects the economy to a sort of shock treatment and has a painful social impact. In addition, it can only be followed in a given political context which does not always exist and which, in any case, is always influenced by the backlash effects resulting from the rehabilitation operation proper.
The Monetary Sin of the West by Jacques Rueff
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