Ten years have elapsed since the second German edition of the present book was published. During this period the external appear- ance of the currency and banking problems of the world has com- pletely altered. But closer examination reveals that the same fundamental issues are being contested now as then. Then, England was on the way to raising the gold-value of the pound once more to its pre-war level. It was overlooked that prices and wages had adapted themselves to the lower value and that the re-establishment of the pound at the pre-war parity was bound to lead to a fall in prices which would make the position of.
