The Gold-Exchange Standard: Inflation on the Sly

The gold-exchange standard is a misleading disguise that gives inflation the honest appearance of a procedure for the settlement of international liabilities. If central banks want inflation because they expect it to result in expansion, let them have it overtly and in broad daylight. They should not rely on capital shifts to bring it about for them on the sly.

--Jacques Rueff, The Monetary Sin of the West, trans. Roger Glémet (New York: The Macmillan Company, 1972), 47.