“That was to cry, Fire, Fire, in Noah's Flood.”

Source: A Century of Bank Rate (1938), Chapter IV, "Bank Rate and Deflation, 1934-32" p.144-145
Context: Once the gold standard was suspended, there could be no doubt of the purpose of that step. In face of the exchange risk the high rate could not possibly attract foreign money. It could only be intended as a safeguard against inflation. Fantastic fears of inflation were expressed. That was to cry, Fire, Fire, in Noah's Flood. It is after depression and unemployment have subsided that inflation becomes dangerous.

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Ralph George Hawtrey 11
British economist 1879–1975

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