The American experiment in stabilization from 1922 to 1928 showed that early treatment could shake a tendency either to inflation or to depression in a few months, before any serious damage had been done. The American experiment was a great advance upon the practice of the 19th century.
~ Ralph G. Hawtrey, British Treasury's Director of Financial Studies, The Art of Central Banking (1932), p. 300
(Murray Rothbard describes Hawtrey as "one of the evil geniuses of the 1920s" in America's Great Depression, p. 159.)
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