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Yes, that is why I sent the extract.
riccardo bellofiore wrote:
> Michael, may I stress the two quotes from Keynes in your text? They seem to
> me to confirm my way of reading Keynes's attitude.
> At 17:48 +0100 29-04-2000, Michael Perelman wrote:
> > Keynes protested: "On grounds of social justice no case can be made out for
> >reducing the wages of the miners. They are the victims of the economic
> >juggernaut .... They (and others to follow) are the 'moderate sacrifice'
> >necessary to ensure the stability of the gold standard. (Keynes 1925: 223).
> >Keynes' warning in 1923 that "The fluctuations in the
> >value of money since 1914 have been on a scale so vast as to constitute
> >... one
> >of the most significant events in the economic history of the modern world"
> >does not seem so farfetched. The eventual departure from the gold standard
> >offers further evidence that the market just does not adjust very well.
> Riccardo Bellofiore
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