A Chicago Tribune Noteworthy BookA GoodReads Reader's Choice The summer of 1927 began with Charles Lindbergh crossing the Atlantic. Meanwhile; Babe Ruth was closing in on the home run record. In Newark; New Jersey; Alvin “Shipwreck†Kelly sat atop a flagpole for twelve days; and in Chicago; the gangster Al Capone was tightening his grip on bootlegging. The first true “talking picture;†Al Jolson’s The Jazz Singer; was filmed; forever changing the motion picture industry. All this and much; much more transpired in the year Americans attempted and accomplished outsized things—and when the twentieth century truly became the American century. One Summer transforms it all into narrative nonfiction of the highest order.
#4290998 in Books 2006-07-15Original language:EnglishPDF # 1 9.26 x .94 x 6.34l; 1.27 #File Name: 0765803291274 pages
Review
2 of 7 people found the following review helpful. An inconsistency needs to be pointed outBy Raymond JensenRather than review this text in it's entirety; I will focus on a claim made by the author; in the inside front cover no less; and show how it conflicts with some documentation provided later in the text.In the inside front cover; the author accuses William Jennings Bryan of being "an inflationist." Moreover; he groups Bryan (albeit correctly) with the "people" who are at odds with "Wall Street" who include most notably "conservatives" such as banking magnate J. P. Morgan.Now; is it correct to label Bryan as an "inflationist?" The argument that Bryan was an "inflationist" is not unique to this book; and this argument essentially operates as follows: Bryan wanted to remove the gold backing from US currency in exchange for a silver backing. This somehow would "inflate prices" for farm goods which would benefit farmers (hence the Bryan's popularity among farmers).Without getting into how the prices are supposed to "inflate" let me first point out that it is incorrect to use the verb "inflate" in connection with prices. Prices do not inflate. The currency itself; that is--money can only inflate. Meaning; that the act of "inflating" money means an entity; governmental or private is simply creating money. This means simply printing it; or in todays digital age; going into your computerized banking account and simply increasing your balance; without having made any deposit.Now earlier; I wrote Bryan wanted to change the "backing" of US currency from gold to silver. What does that mean? It is simple: a "backing" is a standard. When currency is backed by gold or silver or some other commodity with "intrinsic" value; it means that the government cannot simply print as many dollars as it wants; it can only print as many as it can without failing to redeem the dollar-holders with the aforementioned commodity. That is; in the old days; you could go to the bank; and trade in your dollars for gold; you had that right. Try doing that nowadays. So in the past the government could not print too many dollars; otherwise it would not have enough gold to give back to the money-holders; should all of them want to get rid of their dollars.Now keep in mind that although Bryan; the "radical" (as the author labels him) wanted to change the backing from gold to silver; at least he wanted to retain a backing.Now on the other hand; let's take a look at the "conservative Wall Street banker" J. P. Morgan. `On p. 56 of the text; the author writes: "[McKinley supporter Myron] Herrick reports that Mr. Morgan 'was rather violent in expressing his views. The monetary repudiation which the adoption of the "free silver" standard involved was nauseating to him.... Any Republican who comes out now...for either gold or silver will not get the nomination. Let McKinley stay where he is.... once he is nominated we can take care of gold in the platform.'"What can we glean from Morgan's statements concerning gold or silver? Well; it should be obvious from anyone who is acquainted with the man that he did not support *any* backing to the US currency be it gold silver or whatever. This is clearly evident from Morgan's hand in the "1913 revolution" which orchestrated the establishment of the banking cartel known as the "Federal Reserve." The Federal Reserve is not federal; it is a private consortium of banks which has the power to "inflate" or "deflate" the US monetary supply. That means that the banks can create money at whim. And Congress has given the Federal Reserve that power; although unconstitutionally; since the US Constitution requires that Congress (and only Congress) coin money and regulate it's value.This is where what is commonly referred to as "inflation" comes from. It isn't some random force of nature. Rising prices are the result of there being no backing on our paper currency; enabling the Fed banking cartel to print as much money as it likes--the more money they print; the more worthless it becomes. But what do the private shareholders of the Fed banking cartel and politicians in DC stand to benefit from the power to simply print money at their leisure? Well; if you can't figure it out on your own then perhaps you should not bother purchasing this book--"Curious George" or the "Cat in the Hat" is more appropriate for you.So in conclusion we see that it is in fact Mr. Morgan who is the "inflationist" relative to Mr. Bryan. You lose two stars for that Mr. Hamilton.
