INFLATION AND STABILIZATION OF CURRENCIES 
In the whole history of money there has never 
been such a revolution in all monetary conditions 
as that connected with the World War. Never 
has such a variety of examples so instructive and 
on such a large scale been offered to the student of 
monetary theory. The experiences accumulated in 
this period have surpassed anything we were 
acquainted with before. In all future times people 
will go back to the monetary revolution of our 
age, be astonished at all the amazing mistakes of 
monetary policy in this period, and take the high- 
est interest in the consequences of these mistakes 
and in the means by which it at last proved pos- 
sible to return to normal conditions. Clearly it is 
the duty of the present generation to do its utmost 
to arrive at a clear analysis of what has happened 
to the world’s currencies during the same period. 
This can be done in a satisfactory way only if we 
succeed in constructing a general theory of money 
which is comprehensive enough to include all the 
phenomena of the great monetary revolution to