When credit is expanding, the rising price level and high profits bring about a high rate of interest. When the expansion has reached, the limit permitted by the stock of gold, the rate of interest is put still higher in order to bring about a fall in the price level. When the fall in prices takes effect, a low rate of interest becomes appropriate, and when credit contraction has proceeded so far that a redundant supply of gold has accumulated, the rate of interest is depressed still lower in order to bring about a renewed rise in the price level. Thus a high rate of interest corresponds first with rising, then with falling, prices, and so synchronizes with high prices. A low rate of interest corresponds first with falling, and then with rising, prices, and so synchronizes with low prices.
Ralph George HawtreyRelated topics
appropriate contraction credit effect expansion falling fall far gold high interest level limit low lower order permit price rate rising rise stock supply thus profits higherRelated quotes
People talk about nightfall, or night falling, or dusk falling, and it's never seemed right to me. Perhaps they once meant befalling. As in night befalls. As in night happens. Perhaps they, whoever they were, thought of a falling sun. That might be it, except that that ought to give us dayfall. Day fell on Rupert the Bear. And we know, if we've ever read a book, that day doesn't fall or rise. It breaks. In books, day breaks, and night falls.
In life, night rises from the ground. The day hangs on for as long as it can, bright and eager, absolutely and positively the last guest to leave the party, while the ground darkens, oozing night around your ankles, swallowing for ever that dropped contact lens, making you miss that low catch in the gully on the last ball of the last over.
Hugh Laurie
The appropriate emotion is shame - shame at our own dependency, in this case, on the underpaid labor of others. When someone works for less pay than she can live on - when, for example, she goes hungry so that you can eat more cheaply and conveniently - then she has made a great sacrifice for you, she has made you a gift of some part of her abilities, her health, and her life. The "working poor," as they are approvingly termed, are in fact the major philanthropists of our society. They neglect their own children so that the children of others will be cared for; they live in substandard housing so that other homes will be shiny and perfect; they endure privation so that inflation will be low and stock prices high. To be a member of the working poor is to be an anonymous donor, a nameless benefactor, to everyone else.
Barbara Ehrenreich
It will thus be seen that every time a proposal for the reform of the constitution comes forth, the Muslims are there, ready with some new political demand or demands. The only check upon such indefinite expansion of Muslim demands is the power of the British Government, which must be the final arbiter in any dispute between the Hindus and the Muslims. Who can confidently say that the decision of the British will not be in favour of the Muslims, if the dispute relating to these new demands was referred to them for arbitration? The more the Muslims demand, the more accommodating the British seem to become. At any rate, past experience shows that the British have been inclined to give the Muslims more than what the Muslims had themselves asked.
Bhimrao Ramji Ambedkar
The big bankers of the world, who practise the terrorism of money, are more powerful than kings and field marshals, even more than the Pope of Rome himself. They never dirty their hands. They kill no-one: they limit themselves to applauding the show.
Their officials, international technocrats, rule our countries: they are neither presidents nor ministers, they have not been elected, but they decide the level of salaries and public expenditure, investments and divestments, prices, taxes, interest rates, subsidies, when the sun rises and how frequently it rains.
However, they don't concern themselves with the prisons or torture chambers or concentration camps or extermination centers, although these house the inevitable consequences of their acts.
The technocrats claim the privilege of irresponsibility: 'We're neutral' they say.
Eduardo Galeano
O my brethren, O kind and affectionate hearts, O loving friends, should you know any one whose lot it has been, by writing or by word of mouth, in some degree to help you thus to act; if he has ever told you what you knew about yourselves, or what you did not know; has read to you your wants or feelings, and comforted you by the very reading; has made you feel that there was a higher life than this daily one, and a brighter world than that you see; or encouraged you, or sobered you, or opened a way to the inquiring, or soothed the perplexed; if what he has said or done has ever made you take interest in him, and feel well inclined towards him; remember such a one in time to come, though you hear him not, and pray for him, that in all things he may know God's will, and at all times he may be ready to fulfil it.
John Henry Newman
