II

INFLATION AND DEFLATION

H7

even if France , hugging the supposed securityof gold, prefers to stand aside from the adven-ture of creating new wealth, I am convincedthat Great Britain and the United States , like-minded and acting together, could start themachine again within a reasonable time; if,that is to say, they were energised by a confidentconviction as to what was wrong. For it ischiefly the lack of this conviction which to-dayis paralysing the hands of authority on bothsides of the Channel and of the Atlantic.