1. Deflation and Depression -- 2. The Prewar Gold Standard -- 3. The Postwar Undervaluation of Gold -- 4. The Postwar Gold Exchange Standard -- 5. The French Inflation, 1921-26 -- 6. German and French Capital Inflows, 1924-31 -- 7. The British and German Deflations, 1924-27 -- 8. The French Stabilization, 1926-28 -- 9. The French Deflation, 1928-32 -- 10. The American Deflation, 1928-32 -- 11. Why Did the Great Depression Happen? -- App. Gold in Central Banks and Treasuries, December 1926-June 1932