Indeed, the Treasury and the Bank of England prolonged their dearmoney policies even aft er infl ation was curtailed. Furthermore, the British state did not loosen its fi scal belt even aft er budgetary surplus was achieved in 1920. Th e austerityinduced downturn and consequent unemployment was no economic mistake, but rather a powerful means to cool the collective temperature of an embattled working class, to create the pathway to dismantle reconstructionist plans and shift resources to the creditor classes of society.

Clara E. Mattei, The Capital Order, loc. 1029