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The declared object of deflation was the restoration of the gold standard at pre-war parity. Its actual effect has been to create unemployment by the… - Oswald Mosley
" "The declared object of deflation was the restoration of the gold standard at pre-war parity. Its actual effect has been to create unemployment by the restriction of industrial credit. By the lever of unemployment it has forced down wages and has thus facilitated the return to gold through the reduction of prices. An incidental effect has been to transfer purchasing power from the workers, whose wages have been reduced, to the bondholders, whose interest has remained the same. It has also doubled the real burden of Debt since 1920, and was largely responsible for the mining lock-out last year, by the reduction in terms of sterling of the money which we receive for coal sold abroad. Deflation, in fact, has been responsible for a sinister catalogue of disasters which can be substantiated in detailed argument that has never yet been rebutted.
English
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About Oswald Mosley
Sir Oswald Ernald Mosley, 6th Baronet (November 16, 1896 – December 3, 1980) was a British politician principally known as the founder of the British Union of Fascists.
Also Known As
Alternative Names:
Sir Oswald Ernald Mosley, 6th Baronet of Ancoats
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Additional quotes by Oswald Mosley
The ranks of the City are now divided. The advanced section, headed by Mr McKenna and Mr Keynes, face the orthodox and reactionary ranks which are led by Mr Montagu Norman and the heads of the Treasury. To the uninitiated it...seems a little unfortunate that the ex-Labour chancellor should appear...to be an ardent supporter of Mr Montagu Norman. It will be little less than a disaster if in this struggle Labour support is accorded to the reactionary elements in the City.
A fight between several parties of the British people: Nothing of the kind! A fight between two or three big money combines, that and nothing else. Without the weight of money behind the party machines, in an electoral battle today determined purely by principle and by the number of active workers...British Union could fight and beat today the old parties over the whole electoral field. But you know and I know, the battle is nothing of the kind. The battle is between big money combines who spend a thousand pounds or more on every constituency they fight. Or when they speak democracy, they don't mean government by the people...they mean financial democracy, in which money counts and nothing but money.
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