The Golden Touch

Banker J. P. Morgan rescued the dollar and bailed out the nation

On February 5, 1895, the Jupiter of American banking, J. P. Morgan, took the train from New York to Washington to see the president. He had no appointment but came to discuss matters of grave national interest. The crash of 1893 had thrown the country into deep depression, exposed a schizophrenic monetary policy, and now the nation’s gold standard stood on the brink of collapse. Read more »

The Party Of The People

A clipping selected at random from a generous stack tells me that the would-be Democratic candidate Tom Harkin is pitching a “populist, sharply partisan message.” I get the impression that the two adjectives are interchangeable. Another clip predictably calls David Duke a “populist.” That’s no surprise either. I have heard the word applied to Jesse Jackson and Ronald Reagan in previous campaigns—in fact, to practically every candidate who did not outright propose restricting government to the rich, the wise, and the well born.Read more »

The Other Great Depression

In 1937 the American economy, which had been slowly rising from the depths it had reached in 1933, suddenly reversed course and sank once more. While this new economic trend enlarged the misery of the American people, it also gave the economists a new problem: what to call it. Read more »