In the late summer of 1931, the dollar, alongside the French franc, appeared to be the strongest currency in the international system. That precedent should serve as a warning of how vulnerable governments and their finances can rapidly become, and of how fiscal policy can stand in the way of a monetary approach oriented toward stability.
大萧条中的一大惊人现象是，市场在百般慌乱之中突然向美国寻求救命稻草。1931年夏末，美元连同法国法郎一起，变成国际体系中最坚挺的货币。这个前车之鉴触目惊心地说明了，政府及其财政会在一夜之间变得何其脆弱，而不适当的财政政策会成为稳定性货币政策多么大的绊脚石！