I read with interest everything that your old comrade [John Meynard] Keynes writes; but I find myself stubbornly refusing to believe that he can work any such miracle as he has in mind by a managed inflation of the currency. The world which has been defying all the economic laws for twenty years – indulging in war and all that derives from it, economic war and all the follies that go with it – cannot escape punishment by monkeying with the currency. We are getting what we jolly well deserve; and the nations will have to repent and do penance before the conditions will be righted.
John W. Dafoe
Editor-in-Chief, The Winnipeg Free Press
Letter to C.R. Fay (30 May 1932)
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