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In view of the vast paper money supply increases that had occurred during the First World War, from 1914 to 1918, most participating nations chose a value for their currencies that was far below the rates prewar. Whenever possible, I try to reveal the assumptions underlying different economic theories so that readers can make their own judgements about their realism and plausibility. Nine of the fifteen appointed members of the council at the time were representatives of employers and financial firms, and many of the experts they invited to testify not surprisingly shared employers

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