202 MODERN MONETARY SYSTEMS 
has shown that irregular exchange movements if they go beyond 
a certain point will provoke equally irregular movements in 
the purchasing power of currency and bring in their train all 
the economic and social disturbances which have been de- 
scribed above, and which it is customary to attribute to in- 
flation, but which are, in fact, the result of the rise in prices, 
however caused. Hence the second essential condition for 
approximate stability and the only one which in our view 
it 1s possible to attempt to create, is the stabilisation of the 
exchanges.