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Would have everything that he wanted, for a payment which is not exceeding a replacement cost,
Without the discount for percent, or that transport, public services and progress in
Agriculture have reached such level, when from the further investments
It is unreasonable to expect the income covering at least costs of compensation. Just
On the contrary. It would be ridiculous to assert that in the United States in 1929
There were redundant investments into strict sense of a word. Actually
Position was absolutely other. New investments within the last five years
As a whole were so great that the income of their further increase at
Sober account it was considered as fast falling. The correct forecast
Should reduce a marginal efficiency of the capital to unprecedentedly low
Level. Thus, the boom could not proceed on a healthy basis differently, as
In the presence of very low interest rate on a long credit and at
Condition if it was possible to avoid unjustified investments on the separate
To the categories which were under the threat to become redundant. Actually,
However, the norm of percent was high enough to suspend
New investments, except for separate investments of the speculative
Character and where therefore there was a special danger of their surplus. And norm
Percent, high enough to overcome a speculative agiotage,
Would prevent at the same time to any new defensible investments. Such
In the image, interest rate increase as a cure of a state of affairs,
Generated by the long period of excessively big new investments,
Belongs to those medicines which cure illness, killing the patient.
Rather possibly, really, that if a condition close to the complete
Employment, has lasted a number of years, in such rich countries, as
Great Britain or the United States, would be at existing propensity to
To consumption new investments, so big are made that would be
The condition of investment saturation in that is reached in the end
Sense that from the further increase in quantity of the goods of the long
Uses of any type could not be expected more,
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