The stock market crash - and after

Bibliographic data

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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Chapter

Document type:: Monograph

Structure type:: Chapter

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

Collection:: Economics Books

192 The Stock Market Crash—And After out, as required. But now we are confronted with the disappearance of this surplus, both through the growth of business and the falling off of gold production. It is true that there is the menace of a world gold shortage which should become manifest during the early years of the present decade, with accom- panying deflation of the general price level and business depression, unless measures are taken to economize the gold supply. There is still enough gold as the basis of money and credit to supply the expanding needs of business for a year or two to comé. And with proper measures of prevention, the threatened long-term business depression, now comparatively distant, may be averted. But many economists and business men agree that the world decline in commodity prices, only slightly observable in the United States during the past five years, is the beginning of a great secular downward movement in prices spelling depression similar to the movements following the Napoleonic wars and the Civil War. The decline after our Civil War persisted until 1897. Then the discovery of new gold fields and the application of new methods of gold extraction increased the gold output, thus in- creasing the supply of monetary gold and giving the price level and upward swing. Gold production has increased since the World War, but has not reached the peak of 1915. Present yearly additions to the gold monetary supply are insufficient to meet the added demands for gold from increased business as

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