Kemmerer, E: High Prices and Deflation (Classic Reprint)

Excerpt from High Prices and DeflationThe true value of savings accounts has been cut in half by the rapidly depreciating dollar, and the same is true of paid-up insurance policies, of fixed incomes from bonds, mort gages, pensions and preferred stocks. Chief among the sufferers have been those who least deserved to be exploited - colleges, universities, benevolent institutions, and the thrifty people who in the past saved capital and put it to some productive use. All these have been penalized, and the newly rich, with extravagant spending tendencies, have watched gold pour into their purses. Teachers, clerks and others with fixed salaries have been hard hit. On the other hand, the facility with which money could be borrowed, owing to the low rate of interest demanded, led to dangerous speculation and shameless extravagance. Widespread discon tent and extreme radicalism have resulted.In this book High Prices and De¿ation, Professor Kemmerer explains the process of in¿ation and the rise in the cost of living since 1913, examines the degree of in¿ation and con siders the economic and social results ¿owing from it. He shows why prices must ultimately come down and points out the policy to be pursued in order to bring about de¿ation. There are no more important questions de manding our attention to-day than these, and an effort to put them squarely before the public in a simple, clear and concise manner is worthy of the highest praise and the greatest success. Professor Kemmerer's book is a most useful contribution to a very Vital subject.About the PublisherForgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.comThis book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works.