Word: thermostatted
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Dates: during 1920-1920
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...Foreign exchange should be considered not as a barometer, but as resembling the thermostat more closely. As the thermostat regulates the temperature of a room, so do the changes in foreign exchange regulate the international trade. The effect necessarily reacts on the cause and will without doubt control it later. We will see prices come down when the exchange rates are more nearly even and when the imports to this country more nearly equal our present tremendous exports...