Amerikareise deutscher Gewerkschaftsführer

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Monograph

Identifikator:: 1690625112

URN:: urn:nbn:de:zbw-retromon-103086

Document type:: Monograph

Title:: Amerikareise deutscher Gewerkschaftsführer

Place of publication:: Berlin

Publisher:: Verl.-Ges. des Allg. Dt. Gewerkschaftsbundes

Year of publication:: 1926

Scope:: 256 S., [1] Bl.; Ill., Kt., Graph. Darst.

Digitisation:: 2020

Collection:: Economics Books

Usage license:: Get license information via the feedback formular.

Chapter

Document type:: Monograph

Structure type:: Chapter

Title:: I. Kapitel. Die Wirtschaft der Vereinigten Staaten

Collection:: Economics Books

76 MONEY what it would be if prices were kept as stable as possible. The same thing happens with currency, though it is not nearly so obvious. If there is a predominating impression that prices in general are going to rise, there will be a predominating tendency to hold commodities for the rise, which will itself raise prices at once. Every one can see this, but few notice that this tendency to hold goods back, resulting in a rise of prices, is the same thing as a diminution in the demand for currency.! Currency becomes the depreciating article which people in general are less willing to hold. Vice versa, if it is generally expected that prices will fall, most people are more eager to get rid of goods and are more willing to hold currency. We must not expect to find evidence of increased or decreased willingness to hold currency in actually increased or decreased stocks of currency. If the total is a fixed amount it cannot vary in that way. The evidence is to be looked for in the fact that more or less goods are actually being given for the unit of currency. We can have an increased and a 1 The statement in the text seems at first sight to be contradicted by the fact that sometimes, as in Germany in 1922 and 1923, it has happened that a sudden access of belief that prices are going to rise higher has caused a rush to the banks by depositors anxious to draw out cash to spend. But though this has often been spoken of as if it were a demand for currency, it is not a demand for currency to hold, and is no more the effective demand which raises the purchasing power of the currency than is the corresponding rush, which is going on at the same time, to money-boxes and other places of storage for cash. In such circumstances A asks B to pay the money which is due to him, not because he wants the money to keep, but because he wants to get rid of it in exchange for something more likely to retain its value. If additional currency is printed to prevent the banks being broken by the run, the depreciation simply becomes worse than ever.

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