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Analysis and insight into trends
in money and banking, and their impact
on the world's leading economies

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The great economist, John Maynard Keynes, said in his celebrated 1923 Tract on Monetary Reform, that changes in the value of money 'have produced in the past, and are producing now, the vastest social consequences, because, when the value of money changes, it does not change equally for all persons and for all purposes...[I]nflation and deflation alike...has inflicted great injuries'.