My own belief in the greater importance of monetary policy does not rest on these dramatic episodes. It rests on the experience of hundreds of years and of many countries. These episodes of the past few years illustrate that effect; they do not demonstrate it. Nonetheless, the public at large cannot be expected to follow the great masses of statistics. One dramatic episode is far more potent in influencing public opinion than a pile of well-digested, but less dramatic, episodes. The result in the USA at any rate has been a drastic shift in opinion, both professional and lay. This shift, so far as I can detect, has been greater in the United States than in the United Kingdom. As a result, I have had in the UK the sensation that I am sure all of you have had in a continuous cinema when you come to the point where you say, 'Oh, this is where I came in'. The debate about monetary effects in Britain is pursuing the identical course that it pursued in the United States about five or so years ago. I am sure that the same thing must have happened in the 1930s. When the British economists wandered over to the farther shores among their less cultivated American brethren, bringing to them the message of Keynes, they must have felt, as I have felt coming to these shores in the opposite direction, that this was where they came in. I am sure they then encountered the same objections that they had encountered in Britain five years earlier. And so it is today. Criticism of the monetary doctrines in this country today is at the naive, unsophisticated level we encountered in the USA about five or more years ago. Thanks to the very able and active group of economists in this country who are currently working on the monetary statistics, and perhaps even more to the effect which the course of events will have, I suspect that the developments in this country will continue to imitate those in the United States. Not only in this area, but in other areas as well, I have had the experience of initially being in a small minority and have had the opportunity to observe the scenario that unfolds as an idea gains wider acceptance. There is a standard pattern. When anybody threatens an orthodox position, the first reaction is to ignore the interloper. The less said about him the better.