PRINTING PRESS INFLATION.

Auckland Star, Volume LXIII, Issue 225, 22 September 1932, Page 6

PRINTING PRESS INFLATION.

"Vigilante" may search all the letters and literature of the Currency Reform League, hy whomsoever published, and he will find not one atom of support for printing press inflation, nor any denial that such inflation was condemned at Ottawa. The confusion in "Vigilante's" mind is his own, for in one letter he classified monetary reform, reflation and a. dozen other tilings as inflation. He might just as sensibly classify all. colours which are not white as black. He persists ip asserting that his view of sound finance, -which has nearly wrecked the world, is the only alternative to printing press inflation, which nearly wrecked Europe. The truth is that currency reformers stand for "stabilisation," that is, the avoidance of the ev,ils of both inflation and deflation. As is natural, their' main argument at the moment is directed against the pressing deflation of the day, but during the war-time inflation their appeal was based on the injustice of inflation. In the light of .these facts it is absurd to brand monetary reformers as inflationists. As Reginald MeKenna says: "We must steer the ship between the whirlpool of inflation and the rock of deflation." It is folly to be so vigilant of, the whirlpool that the ship flounders on the rock; and as the ship sinks it will be small comfort to know that the rock was gold, <rilt-edged or even " sound finance." CURRENCY REFORM LEAGUE.