"The Influence of the Rate of Interest on Prices"

The thesis which I humbly submit to criticism is this. If, other things remaining the same, the leading banks of the world were to lower their rate of interest, say 1 per cent. below its ordinary level, and keep it so for some years, then the prices of all commodities would rise and rise and rise without any limit whatever; on the contrary, if the leading banks were to raise their rate of interest, say 1 per cent. above its normal level, and keep it so for some years, then all prices would fall and fall and fall without any limit except Zero.... [From "The Influence of the Rate of Interest on Prices"]