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ESSAYS IN PERSUASION

PART III

I reject the policy of restoring the gold standardon pre-war lines. At the same time, I doubtthe wisdom of attempting a “managed” goldstandard jointly with the United States , on thelines recommended by Mr. Hawtrey, because itretains too many of the disadvantages of the oldsystem without its advantages, and because itwould make us too dependent on the policy andon the wishes of the Federal Reserve Board .