Monetary inflation is an extremely complicated subject. It is impossible to cover it adequately in one brief publication. The purpose of this circular is simply to trace what consequences may be expected to follow from certain actions. The purpose is rather to draw attention to features that require further study, than to attempt to give a comprehensive answer to the inflation question.

This is the seventh publication in a series dealing with the present agricultural emergency. The first circular in the series "The Situation Today" presented the main facts of the case. The second circular, "The Causes of the Emergency,'' dealt with the causative factors. The third circular was entitled, "The Voluntary Domestic Allotment Plan;" ·the fourth circular, "The Iowa Farm Mortgage Situation." The fifth circular, dealing with monetary questions, was entitled, "The Control of the General Price Level." The sixth circular was entitled, "The Iowa Tax Situation-An Analysis for Farmers.'' The present circular deals with monetary inflation. Other circulars are to follow in this emergency series.