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To: long-gone who wrote (87122)	3/28/2001 5:59:58 PM
From: Ilaine	Read Replies (1) \| Respond to of 436258

Funny to see the Bank for International Settlements mentioned. It is not widely known that the US had pretty well recovered from the Great Crash by the summer of 1930. The President of the New York Stock Exchange always blamed the Great Crash on the collapse of the financial empire of Clarence Hatry, an Englishman. If you had bought at the beginning of 1929 and held on to the end of 1929, you'd have been ahead. A group of clergymen visited Hoover in June, 1930, asking for an expanded public works program. He laughed and told them that they had come too late, the depression was over. Within two months the bottom fell out of the economy. Interestingly, the Bank for International Settlements started operations in May, 1930. Its purpose, as I understand it, was to act as an international clearing house for the payment of German reparations, but it was also intended to act as a clearinghouse for international gold shipments. I think the role of the BIS in causing the Great Depression is worthy of study.