If, moreover, the reduction in wages disturbs political confidence by causing popular discontent, the increase in liquidity-preference due to this cause may more than offset the release of cash from the active circulation.

此外，如果工资下降引起民众不满，从而扰乱了政治信心，那么由此引起的流动性偏好的增加可能会抵消活跃流通中现金的释放。