quinta-feira, 12 de janeiro de 2012

Economia da inflação

"At first inflation stimulated production because of the diver­gence between the internal and external values of the mark, but later it exercised an increasingly disadvantageous influence, disor­ganizing and limiting production. It annihilated thrift; it made re­form of the national budget im­possible for years; it obstructed the solution of the Reparations question; it destroyed incalculable moral and intellectual values. It provoked a serious revolution in social classes, a few people ac­cumulating wealth and forming a class of usurpers of national prop­erty, whilst millions of individ­uals were thrown into poverty. It was a distressing preoccupation and constant torment of unnumer­able families; it poisoned the German people by spreading among all classes the spirit of speculation and by diverting them from proper and regular work, and it was the cause of incessant political and moral disturbance. It is indeed easy enough to under­stand why the record of the sad years 1919-23 always weighs like a nightmare on the German peo­ple."
Costantino Bresciani­Turroni, The Econom­ics of Inflation (1931, p. 396)

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