This book discusses the history of money. It considers what most shaped the development of money (as in the case of the Bank of England), the forces contending for control of money (as in the case of the struggle between Andrew Jackson and Nicholas Biddle), and what contributed most to our present understanding of money (as in the work of John Maynard Keynes and the recent history). This chapter considers changes in attitudes toward money, showing that they proceed in long cyclical swings. When money is bad, people want it to be better. When it is good, they think of other things. People who are experiencing inflation yearn for stable money and those who are accepting the discipline and the costs of stability come to accept the risks of inflation. This cycle teaches us that nothing, not even inflation, is permanent.
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