"When a general shortage of cash does occur, this is a sign that there has been an undue expansion of credit"

Hawtrey's words, those.

From R.G. Hawtrey, Currency and Credit:

"When a general shortage of cash does occur, this is a sign that there has been an undue expansion of credit."

Hawtrey describes the monetary imbalance I show in my debt-per-dollar graph.

Graph #1: Dollars of Total (Public and Private) Debt, for Every Dollar of Spending Money