With the rest of the world, they failed to recognise the fact that money was a mere counter in wealth and not wealth itself.

To a large extent, thrift was abandoned and while deposits in the savings banks grew in volume, the depositors failed to recognise the fact that the value of the dollar had decreased fifty per cent.

Already the reaction from all this had begun to set in.

Nervousness paralysed the great financial institutions.

The fiat went forth "No more money for industrial enterprises.