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"The great field of credit
expansion in the last decade lies in the realm of urban real estate mortgagesĀ
We have undoubtedly expanded the credit structure, spending today and postponing
the accounting until tomorrow. We have been guilty of the sin of inflation. And
there will be no condoning the sin nor reduction of the penalty because the
inflation is of credit rather than a monetary one
"Thus the area covered by credit
sales enlarges and the volume of credit expansion increases. As in monetary
inflation the immediate results seem favorable. Credit expansion results in
business activity, in full employment, in optimistic outlook and in a flood of
gratulatory literature proclaiming us wiser than our predecessors. But the
evidence is consistent and cumulative. The past decade has witnessed a great
volume of credit inflation. Our period of prosperity in part was based
on nothing more substantial than debt expansion.
Joseph
B
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