Finance—Public & Private
Politics and Finance
DURING the in week there have been some interesting discussions m Parliament concerning the continuance of industrial and financial depression and—by no means for the first time—attempts have been made to attribute the greater part of our troubles to undue deflation, the suggestion being made in some quarters that a change in Monetary Policy, that. is to say, a change in the direction of an attempt to expand credits still further. with the object of raising prices of commodities, would save the situation.
At the risk of trying the patience of readers of time SperWator shall hope 'to take some early opportunity of going more deeply into this question of the alleged connexion britiveen Monetary Policy and the long con- tinued industrial depression, but this week I want merely to noise one point which I will put in interrogative form, namely, whether political or economic influences are chiefly responsible for the present world troubles. For my own part, I believe that nine-tenths of the difficulties are directly traceable to political rather than to economic influences. I can do no more than touch the very fringe of the subject, and at the outset let me ask two questions, (a) What -were the main causes responsible for our orgy of extravagance in the national expenditure to which a halt was cried last autumn ? and (b) What are the chief hindrances to international co-operation in dealing with some of the world problems which admittedly can only he treated properly on international lines ?
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