“Once again, in the aftermath there was the predictable escapism. This, by now, was an American tradition. The problem was not, it was said, the earlier euphoria but something amiss with money. The alleged reason for the earlier collapses, also involving money, had been the unduly heavy hand of the two Banks of the United States; now the cause was said to be a little-noticed plan of a short time earlier to retire the Civil War greenbacks and move to a gold standard. Nothing, given the history and the fascination with paper, could appeal more reliably to the American mind. Born forthwith were two great political movements, that of the Greenback Party and that of the advocates of the free coinage of silver. And soon to come was the resonant voice of William Jennings Bryan and its warning as to the American crucifixion on the cross of gold.”
―
A Short History of Financial Euphoria
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A Short History of Financial Euphoria
by
John Kenneth Galbraith2,259 ratings, average rating, 211 reviews
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