America's Money Machine

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CONTENTS Preface lX PART I The Roots of Reform 1. The Quality of the Times 3 2. The First Shock Wave IO 3. The Lapping at the Dikes I6 4. The Rich Man's Panic 22 5. A Measure of Expediency 3 I 6. The Aldrich-Vreeland Bill 43 7. An Interlude for Debate 46 8. The Great Investigation 53 9. The Setting of the Current 6I 10. The Bill Considered 67 PART II The Great Reversal I 1. Advent of Storm 8I 12. The First Inundation 87 13. Collapse of a Theory 93 14. The Path of Retreat IOO 15. When to Reef Sail Io8 16. The Wounds of War II8 17. Wading in the Big Pond I27 18. The Lapping Waves of Crisis I35 19. The Fulcrum and the Lever I43 20. The Gushing Fountain I5I PART III Debacle of an Idea 2 1. The Crumbling of the Dikes I57
Vlll CONTENTS 22. The New Thermopylae I63 23. The Keynesian Influence I70 24. The Not So New New Deal I79 25. The New Deal and the Federal Reserve I85 26. New Bridles for Old I95 27. Where Two Tides Meet 205 28. The Reversals of War 2I2 29. Doubtful Victory 2I9 30. The Role of Atlas 227 31. The Not So Golden Years 235 32. The End of a Dream 240 33. The Chute 247 34. Into the Pit 252 35. Out of the Pit 259 Notes 267 Selected Bibliography 275 About the Author 279 Index 281
Page 3: BOOKS BY ELGIN GROSECLOSE Money: Th
Page 6: For My Beloved Louise with especial
Page 11 and 12: x PREFACE sprawled under the weight
Page 14 and 15: Preface XIU cash, lawful money, leg
Page 16: Preface xv tary expansion and a che
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Page 21 and 22: 4 PART I / THE ROOTS OF REFORM An i
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Page 27 and 28: T HE 2. The First Shock Wave SIGNIF
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44 PART I / THE ROOTS OF REFORM con
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A FTER 7. An Interlude for Debate T
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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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148 PART II / THE GREAT REVERSAL Th
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150 PART II / THE GREAT REVERSAL ad
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152 PART II / THE GREAT REVERSAL Yo
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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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174 PART III / DEBACLE OF AN IDEA o
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176 PART III/DEBACLE OF AN IDEA tie
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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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184 PART III / DEBACLE OF AN IDEA c
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186 PART III / DEBACLE OF AN IDEA c
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188 PART III/DEBACLE OF AN IDEA For
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190 PART III/DEBACLE OF AN IDEA Sen
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194 PART III/DEBACLE OF AN IDEA abu
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196 PART III/DEBACLE OF AN IDEA nor
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Ig8 PART III / DEBACLE OF AN IDEA R
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200 PART III/DEBACLE OF AN IDEA who
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202 PART III / DEBACLE OF AN IDEA o
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204 PART III / DEBACLE OF AN IDEA s
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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
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3 o. The Role of Atlas THE FIFTH DE
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The Role ofAlIas 229 dollar deposit
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232 PART III/DEBACLE OF AN IDEA amo
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234 PART III / DEBACLE OF AN IDEA T
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236 PART III / DEBACLE OF AN IDEA f
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PART III / DEBACLE OF AN IDEA becau
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T OWARD 32. The End of a Dream THE
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242 PART III/DEBACLE OF AN IDEA Des
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244 PART III/DEBACLE OF AN IDEA -th
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246 PART III/DEBACLE OF AN IDEA Fol
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248 PART III/DEBACLE OF AN IDEA The
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The Chute fluctuating in value agai
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Into the Pit 253 As the relative ma
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Into the Pit 255 That bankruptcy wa
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258 PART III/DEBACLE OF AN IDEA ind
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Out of the Pit 261 A fourth misconc
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Out of the Pit 263 WarII the ratio
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Out of the Pit 265 The Federal Rese
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268 NOTES Chapter 4. 1. New York Ti
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Notes Chapter 19. 1. Federal Reserv
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274 NOTES Chapter 31. 1. See the au
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SELECTED BIBLIOGRAPHY Harding, Will
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About the Author ELGIN GROSECLOSE f
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Achesont Deant 19 1-g2 t 196 t 198
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