Millar writes...

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Millar stresses the periodic upward reval!uation of gold as the mechanism for defeating a deflationary debt depression at the end of an economic cycle. Millar writes:

"The first cycle unfolded as follows:

"-- Phase 1: Stability under a gold standard until 1914.

"-- Phase 2: Inflation until 1921, which resulted in a buildup of debt.

"-- Phase 3: Disinflation, which brought stability and allowed asset inflation until 1929, but encouraged a further buildup of debt.

"-- Phase 4: Instability after 1929 caused by deflation of assets from overpriced levels and exacerbated by excessive debt levels, leading to depression of economic activity.

"-- Phase 5: Monetary reform enabled by a reval!uation of gold to overcome deflationary debt depression.

"In the second half of the 20th century we saw a repeat of the first three phases of the same cycle:

"-- Phase 1: Stability from 1944 to 1968 under a gold standard.

"-- Phase 2: Inflation from 1968 to 1981, which caused and justified another buildup of debt.

"-- Phase 3: Disinflation from 1981 until the end of the 20th century, and maybe to the present.

"However, it appears that Phase 4 (instability and ultimately deflation due to excessive debt) may have started. If so, Phase 5 (reval!uation of the gold price to raise the monetary value of the world monetary base and hence reduce the burden of debt) becomes likely or inevitable.

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