When the supply of any asset is increased, the structure of rates of return,
on this and other assets, must change in a way that induces the public to hold the new supply. When the asset's own rate can rise, a large part of the neces sary adjustment can occur in this way. But if the rate is fixed, the whole ad justment must take place through reductions in other rates or increases in
prices of other assets. This is the secret of the special role of money; it is a secret that would be shared by any other asset with a fixed interest rate.