Credit Policy as a Factor in the Present World Depression
The Empire Club of Canada Addresses (Toronto, Canada), 26 Feb 1931, p. 73-82
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Credit Policy as a Factor in the Present World Depression

The shock of the extent of the present world-wide depression to a business world encouraged by post-war recovery, and by a number of years of relative prosperity. A closer examination of the reasons for the existence of the depression. The part played by currency and credit in business prosperity or business depression. An analysis of the situation, beginning with a few simple statements. A detailed discussion outlining how the current economic situation came about. Passing from the general to the particular to see how the speaker's theory fits in with the events of the last ten years. An examination, beginning with the United States as she emerged from the war, of the dominant factors in the world's financial affairs. How the United States took the world on a credit spree, and put a strain on the credit resources of the world. Current opinion that our present position would be immeasurably better if the U.S. had taken proper measures early in 1928. New developments and the satisfactory functioning of international finance dependent on conditions in the long-term money market. The forcing of funds in this direction as one of the principal functions which a central bank can perform in endeavouring to stem the tide of depression. The situation in France, only now taking the first step towards assuming her share of responsibility for world financing. Great Britain doing everything possible to continue foreign financing. The power of an individual central bank to act limited by the extent of its gold resources. Control of the world's supply of monetary gold. How the balance of the world's gold is distributed, and why. Suggestions as to what should happen now. The problems of the moment two in number: understanding and cooperation.