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 described
 above, and which it is customary to attribute to inflation,
 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.