Skip to main content Accessibility help

We use cookies to distinguish you from other users and to provide you with a better experience on our websites. Close this message to accept cookies or find out how to manage your cookie settings.

Close cookie message
×
Hostname: page-component-77c89778f8-5wvtr Total loading time: 0 Render date: 2024-07-17T10:29:12.909Z Has data issue: false hasContentIssue false

1 - ‘I AM BECOMING MORE FASHIONABLE AGAIN’

Published online by Cambridge University Press:  05 November 2012

John Maynard Keynes
Edited by
Elizabeth Johnson  and
Donald Moggridge
Get access

Summary

During the autumn of 1929, between the rise in Bank rate in London on 26 September and late October, stock exchange prices in New York remained at high levels even though the trend was slightly downwards. However, in the third week in October the market had a series of bad days culminating in a sharp break on 24 October. Keynes commented to Lydia the next day:

Wall Street did have a go yesterday. Did you read about it? The biggest crash ever recorded … I have been in a thoroughly financial and disgusting state of mind all day.

It was in this state of mind that he cabled a comment on events for the next day's New York Evening Post.

From The New York Evening Post, 25 October 1929

A BRITISH VIEW OF THE WALL STREET SLUMP

No-one can welcome a Wall Street crash who thinks of it in terms of the individuals involved. But it is easier for an Englishman than it would be for an American to take an objective view of what is happening from the standpoint of world business. Looking at it this way we in Great Britain can't help heaving a big sigh of relief at what seems like the removal of an incubus which has been lying heavily on the business life of the whole world outside America. This is actually reflected already in certain markets on this side.

Type
Chapter
Information
The Collected Writings of John Maynard Keynes , pp. 1 - 37
Publisher: Royal Economic Society
Print publication year: 1978

Access options

Get access to the full version of this content by using one of the access options below. (Log in options will check for institutional or personal access. Content may require purchase if you do not have access.)

Save book to Kindle

To save this book to your Kindle, first ensure coreplatform@cambridge.org is added to your Approved Personal Document E-mail List under your Personal Document Settings on the Manage Your Content and Devices page of your Amazon account. Then enter the ‘name’ part of your Kindle email address below. Find out more about saving to your Kindle.

Note you can select to save to either the @free.kindle.com or @kindle.com variations. ‘@free.kindle.com’ emails are free but can only be saved to your device when it is connected to wi-fi. ‘@kindle.com’ emails can be delivered even when you are not connected to wi-fi, but note that service fees apply.

Find out more about the Kindle Personal Document Service.

Available formats
×

Save book to Dropbox

To save content items to your account, please confirm that you agree to abide by our usage policies. If this is the first time you use this feature, you will be asked to authorise Cambridge Core to connect with your account. Find out more about saving content to Dropbox.

Available formats
×

Save book to Google Drive

To save content items to your account, please confirm that you agree to abide by our usage policies. If this is the first time you use this feature, you will be asked to authorise Cambridge Core to connect with your account. Find out more about saving content to Google Drive.

Available formats
×