So contemporary!

“All sorts of disturbances and maladjustments have contributed to the present crisis. But it is difficult to see why they should have brought about a fall of the general level of commodity prices. . . .A restriction of the means of payments has caused a fall of the general level of commodity prices – a deflation has taken place. But people shut their eyes to what is going on in the monetary sphere and pay attention only to the other disturbances.”

That was Cassel in 1931. Just replace “a fall in the general level of commodity prices” with a “steep fall in nominal spending” et voilà! you are facing an illustrious precursor of Market Monetarism

Another example of Cassel´s contemporariness:

“Wherever in the world we look for help we only find an appalling lack both of insight and resolution,” Cassel (1932, 97) wrote with lament. “Those supposed to be in power proclaim themselves to be absolutely powerless in monetary matters and refuse to recognize any responsibility for the course of affairs.”

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