America's Money Machine

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About the Author ELGIN GROSECLOSE founded (1960) and currently serves as executive directorofthe Institute for Monetary Reasearch, Inc., and since 1944 has been head of Groseclose, Williams, and Broderick, financial and investment consultants. With degrees from the University of Oklahoma (AB) and American University (MA, PhD), he is one ofAmerica's leading monetary economists. Dr. Groseclose was the first financial editor of Fortune, has taught money and banking at the City College of New York, and has served the federal government in a number ofprofessional and consultative capacities. During World War II he served as treasurer-general of Iran by appointment ofthe Iranian parliament, charged with the principal task of curbing wartime inflation. He successfully carried out this mandate by returning gold to the marketplace-a measure subsequently adopted with great success throughout the Middle East War Theatre. Dr. Groseclose's books include Money and Man (1976), the fourth revised and enlarged edition of Money: The Human Conflict (1934); Introduction to Iran (1947); Fifty Years of Managed Money (1966), of which this work is a revised and updated edition; and seven novels, among which are Ararat (1939; third edition, 1977), winner of a National Book Award and a Foundation for Literature Award; The Kiowa (1978), a Gold Medallion winner and Christian Herald Book Shelf selection; and Olympia, a story of fourth century Byzantium (1980). 279
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BOOKS BY ELGIN GROSECLOSE Money: Th
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For My Beloved Louise with especial
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Vlll CONTENTS 22. The New Thermopyl
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x PREFACE sprawled under the weight
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Preface XIU cash, lawful money, leg
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Preface xv tary expansion and a che
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4 PART I / THE ROOTS OF REFORM An i
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6 PART I / THE ROOTS OF REFORM ente
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8 PART I / THE ROOTS OF REFORM them
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T HE 2. The First Shock Wave SIGNIF
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12 PART I / THE ROOTS OF REFORM son
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14 PART I / THE ROOTS OF REFORM ene
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T HE 3. The Lapping at the Dikes YE
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The Lapping at the Dikes 19 On Mond
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4. The Rich Man's Panic T HE STOCK
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The Rich Man s Panic 25 bocker Trus
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PART I / THE ROOTS OF REFORM The cr
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30 PART I / THE ROOTS OF REFORM Win
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A FTER 7. An Interlude for Debate T
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PART I / THE ROOTS OF REFORM all pr
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PART I / THE ROOTS OF REFORM propos
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PART I / THE ,ROOTS OF REFORM The P
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PART I / THE ROOTS OF REFORM of New
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PART II The Great Reversal
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PART II / THE GREAT REVERSAL then a
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84 PART II / THE GREAT REVERSAL Wha
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I T 12. The First Inundation WAS A
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The First Inundation 89 $43 million
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The First Inundation 91 and at a ti
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13. Collapse of a Theory THE SPLEND
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Collapse ofa Theory 95 should be re
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Collapse of a Theory 97 such paper
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Collapse ofa Theory 99 plete contro
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The Path of Retreat 101 Under Warbu
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The Path of Retreat 103 Along with
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106 PART II / THE GREAT REVERSAL of
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15. When to Reef Sail DURING THE FI
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110 PART II / THE GREAT REVERSAL Wa
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112 PART II / THE GREAT REVERSAL In
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Rediscount rate Date New York Feder
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When to Reef Sail 1 17 You have the
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120 PART II / THE GREAT REVERSAL ab
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122 PART II / THE GREAT REVERSAL of
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PART II / THE GREAT REVERSAL 15 per
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154 PART II / THE GREAT REVERSAL vi
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1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1
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158 PART III/DEBACLE OF AN IDEA tio
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The Crumbling of the Dikes 161 day
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T HE 22. The New Thermopylae EFFORT
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166 PART III / DEBACLE OF AN IDEA S
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168 PART III/DEBACLE OF AN IDEA in
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23. The Keynesian Influence JOHN MA
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172 PART III / DEBACLE OF AN IDEA a
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T HE 24. The Not So New New Deal AF
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PART III / DEBACLE OF AN IDEA ties
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Ig8 PART III / DEBACLE OF AN IDEA R
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Where Two Tides Meet 207 billion. I
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Where Two Tides Meet 209 The conser
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Where Two Tides Meet 211 creating a
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The Reversals of War 2 13 the world
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The Reversals of War 2 15 per cent
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The Reversals of War 217 three-mont
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29. Doubtful Victory No HEAD of the
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Doubtful Victory 221 sury and the F
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Doubtful Victory 223 at a cost of 1
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Doubtful Victory 225 sleeping on hi
Page 244 and 245: 3 o. The Role of Atlas THE FIFTH DE
Page 246 and 247: The Role ofAlIas 229 dollar deposit
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Page 257 and 258: T OWARD 32. The End of a Dream THE
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Page 268 and 269: The Chute fluctuating in value agai
Page 270 and 271: Into the Pit 253 As the relative ma
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Page 278 and 279: Out of the Pit 261 A fourth misconc
Page 280 and 281: Out of the Pit 263 WarII the ratio
Page 282: Out of the Pit 265 The Federal Rese
Page 285 and 286: 268 NOTES Chapter 4. 1. New York Ti
Page 288: Notes Chapter 19. 1. Federal Reserv
Page 291 and 292: 274 NOTES Chapter 31. 1. See the au
Page 293 and 294: SELECTED BIBLIOGRAPHY Harding, Will
Page 298: Achesont Deant 19 1-g2 t 196 t 198
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