THE SUSPENSION OF THE GOLD STANDARD
[To the Editor of the SPECTATOR.] SIR,—Recent events have been marked by a gathering volume of criticism directed against the post-War policy of the mone- tary authorities in Europe and the U.S.A. This criticism has arisen from the fear that the aim of monetary policy has been the collection of debt rather than the distribution of com- modities. The world is suffering from financial poverty in spite of an immense increase in the capacity to produce what individuals require.
. The suspension of the gold standard by the British Govern- ment may mark an important step in the direction of adapting monetary policy to the needs of the world. The next step is to move as speedily as possible towards those policies which will correct the deficiency in the consumers' purchasing- power. This deficiency is clearly the root cause of stagnant industry and trade.—I am, Sir, &c.,
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