Before I tell you, however, of the ‘happy time of solid money and prosperity’ that lay before us, let us once more look back at the battlefield of inflation and the Republic. For a battle it was, this inflation, fought out with financial means. The cities were still there, the houses not yet bombed and in ruins, but the victims were millions of people. They had lost their fortunes, their savings; they were dazed and inflation-shocked and did not understand how it had happened to them and who the foe was who had defeated them. Yet they had lost their self-assurance, their feeling that they themselves could be the masters of their own lives if only they worked hard enough; and lost, too, were the old values of morals, of ethics, of decency.