Thus, in the simplest case, where everyone is similar and similarly placed, a change in circumstances or expectations will not be capable of causing any displacement of money whatever;it will simply change the rate of interest in whatever degree is necessary to offset the desire of each individual, felt at the previous rate, to change his holding of cash in response to the new circumstances or expectations; and, since everyone will change his ideas as to the rate which would induce him to alter his holdings of cash in the same degree, no transactions will result.