FISHER, L'Illusion de la monnaie stable, 1929

First edition in French.
Preface by Francis Delaisi.
Work written from conferences given in Geneva in 1927, on the eve of the great recession.
Fisher, who was concerned about the stability of the currency established on the gold standard, described exactly what was going to happen in 1929:
"For example, suppose that in ten years from now gold becomes so rare as to reduce our gold reserves to legal percentages; [...] The circulation of goods will quickly gain speed over the circulation of money; the price level will fall, and there will be business depression, unemployment and all the evils which are the inevitable results of considerable deflation" (p.122)
Adopting the gold standard in 1928, France accumulated gold stocks (France's gold reserves increased from 7% of world reserves in 1926 to 27% in 1932) sucking up the world's gold and starting the process described above.