“So we reach the conclusion that an acceleration or retardation of the creation of credit means an equal increase or decrease in people’s incomes” (Hawtrey 1919a, 40). And again: “Infl ation consists in the spread of the infection of high prices through production to the consumers’ income and thus to the consumers’ outlay” (ibid., 114).

Clara E. Mattei, The Capital Order, loc. 1690