Practically nobody believes that it was fortunate that we had to come to our senses by what was outlined in number 5, and before we went further. In fact, the principal solution to which the public and its leaders ordinarily wish to turn is to put out even more fiduciary media. The professors in the great universities, sociologists, the do-gooders, social gospellers, the uplifters, politicians, labor union leaders, businessmen and bankers nearly all wish to solve the problem not by getting rid of the sin of putting out additional fiduciary media, but by issuing even more fiduciary media. This is the reason, eventually, of inflationism. The very well informed chairman, presently the head of the Federal Reserve Board of the United States, has publicly declared that he is convinced that putting out more money does not create prosperity.
Most people think differently.
They think that the printing press can create wealth. The Chairman's voice is a voice crying in the wilderness. That is the only real monetary argument actively disputed in America today. Inflationism usually begins slowly and only gradually picks up speed. Eventually it goes so fast that the printing presses cannot keep up with it, even though zeros are added hourly to the figures on the money being printed.