Word: levelers
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Dates: during 1930-1939
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...increasing the world supply of gold, U. S. gold exports will tend to raise the world price level, have a mild inflationary effect in other countries...
...official announcement was made but London and Paris knew that the Equalization Fund, meeting something too big for it to handle, had stepped aside to let the pound again "seek its natural level." What that might be none knew, but at 81¾ francs the pound was only 1¼ francs above its all-time low. This week fox-bearded Governor Montagu Norman of the Bank of England, having pleasantly enjoyed himself at Bar Harbor, Me., was to have an interview with President Roosevelt at the suggestion of Governor George Harrison of the Federal Reserve Bank of New York. Britons...
...silk cassocks and lacy chasubles, masquerade in imposing processions within high vaulted Gothic cathedrals, built with the superfluous millions of American plutocrats. . . . Think of the brilliant agnostics who read from the Scriptures with crossed thumbs, tongues in the cheek, and mental reservations, who place the Bible on the one level with heathen philosophies. . . . Think of the smooth, oily surrender of the deity of our Savior ... I still repeat the cry, 'BACK TO LUTHER...
Three weeks ago Chicago's Board of Trade, instigated by Washington, set a temporary level below which grain future prices would not be allowed to sink. Last week that artificial floor was removed. Prices-which had been bobbing along on the rule like balloons without lifting power-promptly dropped the maximum amounts permitted in one day's trading. Great was the hullabaloo. Representative Jones of Texas and Senator Smith of South Carolina promptly swung inflationist thunderbolts about their heads again. Letters and telegrams poured into Washington demanding that the Government repeg prices. No such action was taken. Next...
...publish, and was priced at five shillings the copy, it became a bestseller, the only Blue Book ever published by the British Government which netted a profit. Coming out in 1931 it declared: "Our objectives should be ... first of all to raise prices a long way above the present level and then to maintain them at the level thus reached with as much stability as can be managed.'' It discussed (and rejected) devaluation of currencies; it advocated reducing the legal gold reserves of central banks-all this two years before the U.S. began to consider such proposals...