当时反周期财政政策还未流行 — — 凯恩斯的《就业、利息和货币通论》要到1936年才面世 — — 而金本位制度不仅使货币政策变得无用，而是更糟。
Counter-cyclical fiscal policy was not yet in vogue – John Maynard Keynes’ General Theory was published only in 1936 – while the Gold Standard rendered monetary policy worse than useless.