ABSTRACT
During the last two years, in every quarter of the globe, men who had saved money throughout a long and laborious life found themselves suddenly and unexpectedly poor. ‘Poor’ is, of course, a relative term. I met a business man in California who told me a hard luck story about a friend of his who, after following all the best precepts, was left in his old age with a mere $40,000 a year. To any European this seems like wealth beyond the dreams of avarice, but in California it is considered little removed from beggary.
