Word: leveling
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Dates: during 1930-1939
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...convinced that this policy [gold buying abroad] will prove ineffective in securing a steady rise in prices. . . . Doubtless, given time, a depreciated dollar or a devalued dollar will yield a higher price level. But this will only come when the desired trade recovery has been realized. Our immediate concern is to extricate ourselves from the Depression, rather than with the course of prices after that happy event...
Most significant was the fact that German Catholics at once rallied to the daring German Protestants. "We Catholics cannot afford to sit coolly or gloatingly by." declared the Catholic organ Germania. "This anti-religious new heathenism is on a much lower level, even, than pre-Christian heathenism, which at least honored its gods and was in this sense pious...
...Douglas' Middle Class, there is only one justification for retiring government bonds with taxpayers' money; for destroying their, the taxpayers' purchasing power in order to cancel government obligations; and that is the maintenance of a reasonably stable price level. Any other excuse for canceling bank deposits in order to balance the government's budget is insupportable. The fact remains, as always, that the danger, the only danger, which can attend a manipulation of the quantity of purchasing power is a violent change in the price level. And insofar as such a change in the price level will not attend...
...raise prices at all. A good way of convincing foreign countries that the gold buying policy is not intended "artificially" to stimulate American exports would, after all, be to make them think that the whole business is nothing more than an ill-conceived device for raising the domestic price level. And perhaps the President has been doing just that. Whatever may have been his announced intentions so far, what he has actually done is to increase the quantity of purchasing power in circulation through gold purchases and through bond issues, and what he has not done is to precipitate anything...
...much emphasis has been placed by the government here, of course, on the influencing of the price level through gold purchases. If it were not for the psychological disturbance caused by tinkering with the gold price of the dollar, there would be no real harm in the experiment. The value of gold is not changing in terms of foreign currencies, but it is varying from day to day in terms of dollars. Can the United States force up the price of gold measured in all currencies, including those of gold standard countries...