Banking and the business cycle Quotes

“In the drastic, but brief, deflation of prices in 1920–1921 the United States did not complete the liquidation of inflated bank credit created during the War period: neither prices nor the structure of production and finance arrived at complete equilibrium relationships. The result was that the recovery following the immediate post-war depression rested on a foundation of prior inflation and upon a price level which could by no means be considered “normal.”
― Chester A. Phillips, Banking and the Business Cycle: A Study of the Great Depression in the United States