By then Orage was convinced that the hardships of the working class were the result of the monetary policies of banks and governments. If Britain could remove the pound from the gold standard during the war and re-establish the gold standard after the war, then the gold standard was not as necessary as the monetary oligarchs wanted the proletariat to believe it was. On 15 July 1920 Orage wrote: ″We should be the first to admit that the subject of Money is difficult to understand. It is 'intended' to be, by the minute oligarchy that governs the world by means of it."