1980s >> 1982 >> no-934-june-1982

50 Years Ago: Hurrah for Inflation

The General Election in October last was fought largely round the fear of inflation. The national government leaders waved worthless German 100,000 mark notes before the eyes of their listeners and told horrifying stories of the hardships inflation and rising prices would bring in their train. Now, six months later, inflation is all the fashion.
The Sunday Express, one of Lord Beaverbrook’s papers, says:

   How rapidly the situation has developed! How swiftly minds have moved! Inflation is now no longer left to Lord Beaverbrook. Or, in the House, to Mr. Boothby. The movement is growing and spreading. Most public men are now in favour of inflation. Practically every Member of Parliament speaking in debates is an inflationist. (Sunday Express, 15 May 1932.)


(From an editorial “The Campaign for Inflation” published in the Socialist Standard, June 1932.)