The stock market crash - and after

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Monograph

Identifikator:: 1815583320

URN:: urn:nbn:de:zbw-retromon-204544

Document type:: Monograph

Author:: Fisher, Irving http://d-nb.info/gnd/118533541

Title:: The stock market crash - and after

Place of publication:: New York

Publisher:: Macmillan

Year of publication:: 1930

Scope:: XXVI, 286 S.; graph. Darst

Digitisation:: 2022

Collection:: Economics Books

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Document type:: Monograph

Structure type:: Chapter

Title:: Chapter XII. Relief in Seven Years of Stable Money

Collection:: Economics Books

ea Relief in Seven Years of Stable Money 183 The “Money Illusion” In my book The Money Illusion 1 have fully described why it is that we simply take it for granted that “a dollar is a dollar’ —that “a franc is a franc,” and that all money is stable, just as centuries ago, be- fore Copernicus, people took it for granted that this earth was stationary, that there was really such a fact as a sunrise or a sunset, although we know that sun- rise and sunset are illusions produced by the earth rotating around its axis. The reason for the “money illusion” within one’s own country. is described in the first chapter of this book, as follows: “Almost everyone is subject to the ‘Money Illu- sion’ in respect to his own country’s currency. This seems to him to be stationary while the money of other countries seems to change. It may seem strange, but it is true, that we see the rise or fall of foreign money better than we see that of our own. “For instance, after the war, we in America knew that the German mark had fallen, but very few Ger- mans knew it. This was certainly true up to 1922, when, with another economist (Professor Frederick W. Roman), I studied price changes in Europe. On my way to Germany I stopped in London and con- sulted with Lord D’Abernon, then British Ambassa- dor to Germany. He said: ‘Professor Fisher, you will find that very few Germans think of the mark as having fallen. I said: ‘That seems incredible. Every schoolboy in the United States knows it." But

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