In March 1920 Blackett shared with the chancellor an article by Pigou that reiterated the common dogma: "Th e country is in tremendous need for new capital. . . . It is imperative, therefore, that people should save. Cheap money does not encourage them to do this. Dear money does" (A. C. Pigou, "Dear Money," Th e Times, March 1, 1920, 10; also in T172/1384, fol. 50).

Clara E. Mattei, The Capital Order, loc. 1697