Money Is A Singular Thing. It Ranks

A Very Complicated Mass Of Things Influences The Economy - The Speculative Effect, Government Policy, Consumer Borrowing And Spending, The Level Of Technical Innovation (which I Concede, Although Everyone Emphasizes It Too Much), And Much More - Including, Of Course, The Rate Of Inflation.

The Inborn Instability Of Capitalism Has Been Part Of The History Of The System For Several Hundred Years.

A Drastic Reduction In Weapons Competition Following A General Release From The Commitment To The Cold War Would Be Sharply In Conflict With The Needs Of The Industrial System.

Those Who Had Been Riding The Upward Wave Decide Now Is The Time To Get Out. Those Who Thought The Increase Would Be Forever Find Their Illusion Destroyed Abruptly, And They, Also, Respond To The Newly Revealed Reality By Selling Or Trying To Sell. And Thus The Rule, Supported By The Experience Of Centuries: The Speculative Episode Always Ends Not With A Whimper But With A Bang.

Agreeable As It Is To Know Where One Is Proceeding, It Is Far More Important To Know Where One Has Arrived.