The Age of Magic Money
Can Endless Spending Prevent Economic Calamity?
On June 22, 1897, about 400 million people around the world -- one-fourth of humanity -- got the day off. It was the 60th anniversary of Queen Victoria's ascension to the British throne. The Diamond Jubilee stretched over five days on land and sea, but its high point was the parade and thanksgiving service on June 22. The 11 premiers of Britain's self-governing colonies were in attendance, along with princes, dukes, ambassadors, and envoys from the rest of the world. A military procession of 50,000 soldiers included hussars from Canada, cavalrymen from New South Wales, carabineers from Naples, camel troops from Bikaner, and Gurkhas from Nepal. It was, as one historian wrote, "a Roman moment."
In London, eight-year-old Arnold Toynbee was perched on his uncle's shoulders, eagerly watching the parade. Toynbee, who grew up to become the most famous historian of his age, recalled that, watching the grandeur of the day, it felt as if the