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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
>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.
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