Vladimir Putin

Sandwell, B.K.

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The new world into which we are entering. The new world we thought was going to emerge as a result of the ending of the war. Now within five years or so of getting rid of the war economically. What we may expect in the new world, and what we need to do to adjust ourselves to it. The great change at the price-level in Germany and its effects. An entire revision of the position between the creditor and the debtor. The altering of the whole social structure of the people of Germany. The point of view of business men. Business conditions having very little to do with the long run of price-levels. The speaker's views those of the orthodox economist. The two forces that govern and control the major movement of business conditions. Now going through the greatest effort in the value of unit currency that has ever happened in the history of metal. The commodity price-level in the United States; understanding what that means. Shifts in the value of money that bring about earthquakes in the social structure going back to the Middle Ages. Comparing those shifts to those of the present day. An analysis of the shift in the value of money becoming greater by the enormous increase in the value of documents for future payment in terms of money received. Periods of declining prices. The factor of the extraordinary growth of what the speaker terms the innocent holder of the bonded investments. Several changes which have the effect of increasing the opening, of pushing more widely open the door for the State, and throwing the creditors' obligation on the State to step in and carry on and administer and conduct business which has become unprofitable to its original owners. The tendency of increases in the price level to increase the scope of the State under any article in which they may come. The new world in which we are going to live for the next 50 years still capable of being conducted by what we and our statesmen and the statesmen of the rest of the world can manage to do. The system of individual enterprise to continue only if there is a reasonably stable monetary unit. Profits as the legitimate reward on individual enterprise, courage and industry under a stable price-level. Ensuring that the distribution of profits shall not be interfered with, and that there shall be no unjustifiable profit. Nearing the end of the depression. The choice of relying on the government to give us a much more socialistic system than the one we have at present, or making up our minds to trust the whole unit of currency to a government that will make up its mind to promote it with the object of making the price level stable.

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