Interwar currency conferences prescribed government spending cuts as currency stabilization

Evidence

19 Th e Genoa resolutions reaffi rmed that to achieve currency stability “the reduction of Government expenditure is the true remedy,” since “in order to gain eff ective control of its own currency, each Government must meet its annual expenditure without resorting to the creation of fi duciary money or bank credits for the purpose” (Report of the Second Commission [Finance], Resolution 7 and Resolution 11, in Gordon and Montpetit 1922, 68– 70). — Clara E. Mattei, The Capital Order, 1683

Categorization

• XREF: connects to: Interwar international institutions framed balanced budgets as a truth citizens needed coercion to accept — Clara E. Mattei, The Capital Order: How Economists…, 723; Brussels and Genoa conferences made budget balancing the supreme state priority — Clara E. Mattei, The Capital Order: How Economists…, 730; Stabilizing currency deliberately imposed the costs on workers. — Clara E. Mattei, The Capital Order: How Economists…, 983 (+2 more)

Broader Connections

• Stabilizing currency deliberately imposed the costs on workers. #expands (0.88) — Clara E. Mattei, The Capital Order, 983
• Treasury officials opposed spending because it blocked wage and price deflation #expands (0.82) — Clara E. Mattei, The Capital Order, 1695
• Interwar austerity conferences aimed to crush postwar visions of social emancipation. #complicates (0.75) — Clara E. Mattei, The Capital Order, 663