ustified suspicions and also likely to be at least temporarily under-issued. The fear of further inflation, and the absence of the free market rate for currencies as a measuring stick, would then combine to induce the monopolistic money managers to issue too small a circulation to allow all desired sales of labour and goods to take place - as happened in Germany in 1923/4. 5. Unemployment will also result when, after the statist "currency reform", which still retains monetary despotism and its state paper money, there is still too much uncertainty left and further stop-go changes are expected. The fear of further inflation would prevent many investments - as long as governments retain the power to engage in more inflations. More inflations must really be expected when one remembers the vested interest governments have in inflation and the records of governments in this respect. Think of the successive inflations of the French Revolution and the almost continuous inflations since WW II. Prices would remain ahead of the circulation and thus prevent the clearing of stocks on the market, causing unemployment and motivating ignorant politicians to engage in more inflation in vain attempts to overcome this unemployment. Under all centralized issue systems and under the rule of Legal Tender, a currency will always fluctuate between deflation and inflation and often have both. 6. Unemployment will also result from ending inflation suddenly and then increasing taxes severely and also really collecting them, forcefully and speedily - whilst before, due to inflation and inflation-motivated payment delays and to collection difficulties, the tax had been greatly reduced or almost abolished during galloping inflations. 7. When there are long delays in spending tax funds collected in the reformed and stable but still exclusive new currency, as in Germany in 1923/4, when almost a quarter of the total circulation was temporarily hoarded in public office...
