The above (Excess Reserves of Depository Institutions. ): " increase in excess
reserves is seen by many to be a sign that inflationary pressure will
come to the U.S. economy and the U.S. dollar."
" One simple model for determining the long-run equilibrium exchange
rate is based on the quantity theory of money: MV=PT. Money x Velocity =
Price x Transaction. A one-time increase in the money supply is soon
reflected as a proportionate increase in the domestic price level
(everything becomes more expensive). The increase in the money supply is
also reflected as a proportionate depreciation of the currency against other foreign currencies. "
" The question is, how much depreciation will we see in the U.S. dollar against the real currency, gold? "
"News was needed, surely, but courage even more so, and clarity. We were
resolved to hide nothing. For here was the monster to be fought:
defeatism, and with it that other monster, apathy. Everything possible
must be done to keep the French from growing accustomed to Nazism, or
from seeing it just as an enemy, like enemies of other times, an enemy
of the nation, an adversary who was victorious just for the moment. From
our past we knew that Nazism (Fascism) threatened the whole of
humanity, that it was an absolute evil, and we were going to publish its