Golden Avalanche

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Golden Avalanche

By Frank D. Graham and Charles R. Whittlesey
Princeton University Press, 1939
233 pp. $2.50
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Two professors at Princeton University, who first exposed their joint views in FOREIGN AFFAIRS in April 1939, hold that our policy of buying unlimited quantities of gold at a fixed price and then sterilizing it is responsible for the influx of billions of dollars' worth of the unwanted metal. Redistribution will not come about automatically but only by adoption of a new policy, while loaning money abroad would be only a temporary remedy. They favor abandoning the fixed price, and suggest that the flow of gold in and out of this country might be controlled by an import tax and an export bounty. Conservative students of the problem may not agree with their conclusions, but will recognize the book as the ablest general treatment of the subject now available.

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