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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
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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.

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

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