The present sounds a lot like the past

FT/Alphaville has an interesting compilation of the NYT archives from the 1930s.

I selected these two because they come on the heals of FDR´s delinking from gold expansionary monetary policy.

We learn that the world is full of “Charles Plossers”

From, Urges end of inflation – November 18, 1933 (Izzy — a.k.a “ARGHH debasement fear!”):

Inflation and currency debasement are undermining public confidence and credit and are retarding the natural recuperative forces of business, Eliot Wadsworth, president of the Boston Chamber of Commerce, said tonight in a statement authorized by the chamber’s board of directors.He called upon the national government for prompt assurance of a sound monetary policy and a restoration of confidence in the dollar, which “has been the outstanding symbol of integrity and security since the Civil War period”

18) From, letter to the editor Bonds and Dollars – September 1, 1933 (Izzy — a.k.a the mystery of low yields) :

Belief in government bonds, joined with expectation of debasement of the dollar, does not seem logical. For that matter, artificial restrictions of production and wages do not seem logical. Government intervention in commodity markets does not seem logical. Perhaps we must assume that national emergency transcends logic as well as law.  The avowed plans of extreme inflationists would give United States bonds, I suppose, the same value as cash. If sufficient inflation with greenbacks occurs, or if, as we produce more and more goods, the dollar is correspondingly debased, “Investor” may anticipate, I believe, the destruction of almost all investors and of savings.

And this is what the industrial production index and CPI were “up to” at the time they wrote:


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