WOODIN | FDR's First Treasury Secretary Calms the Bank Panic

Will Woodin (2nd from right) examines a sheet of
greenbacks. He had $2 billion in banknotes printed
and then had Pathé News film them being shipped.

March 9, 2021—On this date in 1933, which was the Thursday after President Franklin D. Roosevelt's Inauguration, the Emergency Banking Relief Act was passed and signed. It may be some kind of legislative record. Congress was called into session with a few days' notice. The bill (EBRA or just EBA) was passed in the House in the first part of the day, in the Senate in the second part. It was then signed by the president.

It didn't go entirely smoothly. Copies of the bill didn't get to all the Members of Congress and it had to be read out in the House. Big pieces were yet to be added to what became the Glass-Steagall Act of 1933, including the deposit insurance (FDIC) portion promoted by Rep. Henry B. Steagall and supported by many (not all) of the banks and the fencing off of insured banks from investment bankers, which was Senator Carter Glass's biggest interest.

When they arrived the previous weekend, Roosevelt and his first Treasury Secretary, William H. Woodin, got to work, supported by the "brain trust" led by Professor Raymond Moley and by some senior people from the outgoing staff of the Treasury and the Federal Reserve System. Woodin and Moley were staying at the Mayflower Hotel, but they worked well into the night trying to nail down the procedures for opening up the banks after they were closed by the national "bank holiday." Banks were closed in all 48 states. 

Roosevelt left Secretary Woodin to handle the legislation and the details of reopening the banks. Roosevelt worked on his first Fireside Chat, which was delivered on the radio   on March 12, 1933. Announcing Woodin's plan to a fearful nation, he said:

The new law allows the twelve Federal Reserve Banks to issue additional currency on good assets and thus the banks that reopen will be able to meet every legitimate call. The new currency is being sent out by the Bureau of Engraving and Printing to every part of the country.

Woodin, as a corporate CEO for 15 years, handled the printing of $2 billion in banknotes like he would any deadline for one of his railcar factories. He was there and he worked late to make sure that all the shifts were cranking out the greenbacks. Woodin made sure that Pathé News was there to record the money coming off the presses and the trucks loading up and zooming off to the different clearinghouse banks.

People got back in line at the banks, this time to redeposit the money they had taken out. By the end of March, two-thirds of the money that had been taken out of the nation’s banks had been redeposited. 

BIDEN TRANSITION | Lessons from FDR (updated December 2, 2020)

                                           (Library of Congress)
Hoover traveling with FDR in silence to FDR'
inauguration, Saturday, March 4, 1933.  

November 12, 2020—The East Hampton Star just published my political-history notes on lessons from FDR's first transition.

—The article is updated with information on most-talked-about appointments here. Biden transition teams list is here.

—Some jobs are not coming back even when Covid-19 is over.

The photo of FDR and Hoover above, on their way to FDR's inauguration, is poignant. On the way, they didn't talk much. Hoover asked a favor of FDR for someone he appointed and would be left behind. FDR promised nothing.

Although FDR served as President for more than twelve years, until his death in 1945, the President and ex-President never met again. Transitions can be brutal in both directions. 

FDR faced a mountain of challenges that Hoover had never addressed. Hoover went from being the most powerful person in a devastated world into a total eclipse by someone who knew better than Hoover what to do with the job and power that Hoover left behind.

GREECE | The Euro 2015 v. Gold 1933 (Updated Aug. 4, 2015)

At one time, some greenbacks were "gold certificates" that could be
exchanged for gold coins.

(The following adds to a chapter of a biography of Will Woodin, FDR's first Treasury Secretary.)

Greece is still in the Eurozone. However, this outcome may be a case of just kicking the can down the road. Another crisis may await.

That thought is prompted by comparisons with 1933.

Similarities with 1933

Greece today has a similarly high unemployment rate to the one that FDR inherited in 1933 - one out of four people in the labor force being unemployed.

As in 1933, in the absence of action, those able to do so take their money out of the country. That happened in the waning days of the Hoover Administration. Until FDR was inaugurated on March 5, 1933, gold flowed out of Hoover's USA in the same way that euros have been flowing out of Greece.

According to Acting Comptroller of the Currency Francis Gloyd Awalt, p. 359, on the Friday before FDR's inauguration, March 3, 1933, the Federal Reserve Bank of New York saw $200 million of gold and $150 million in dollar currency transferred out of its vaults.  It was $250 million short in reserves and meanwhile the Chicago Fed alone needed $100 million in gold.

Another similarity is that in March 1933 when FDR came in, he declared a bank "holiday" for all banks, national and state. The Greek bank holiday used the same euphemism for a forced suspension of business, in response to depositor panic and the government's need for time to consider its options.

Differences from 1933

The differences between FDR's actions and those of Greece are multiple. In 1933 several essential and coordinated actions were taken to direct the United States toward stability and recovery, starting with devaluation. The Eurozone prevents Greece from taking such actions. FDR's devaluation had a triple benefit - a huge write-down of debt, a subsidy of exports and a tax on imports. The worst day of the Depression was just before FDR took office.

FDR quickly severed the formal connection with gold for American holders of currency. The Emergency Banking Act was brought before the Congress and passed before the banks were reopened. A smart lawyer at the Federal Reserve Board, Milton Elliott, had in 1918 inserted an amendment to the Trading with the Enemy Act giving power to the President to prohibit gold exporting or hoarding (Awalt, p. 365). This provision was invoked to require all private owners of gold (with exclusions for industrial use, dentistry, or numismatic uses) to sell their gold back to the U.S. Government. That meant that the United States could face foreign creditors with a gold standard that was nominally in place for international transactions.

In Greece's case, the banks reopened with another loan from the Eurozone authorities. Few fundamental changes were made within Greece that would strengthen the economy and reduce unemployment. From what I have read, the most significant change was the replacement of the defiant Greek finance minister by a less confrontational Oxford-trained economist.

What FDR Did after Closing the Banks

FDR's team, led by Treasury Secretary Will Woodin, used the bank holiday period to:

• Ensure liquidity by printing $2 billion worth of greenbacks.  Woodin had first toyed with the idea of printing scrip to pay government bills while the banks were closed, an idea passed on by outgoing Secretary Mills, as noted by Awalt, p. 363. Then Woodin realized that scrip would just be another form of greenbacks. The currency was packed off in trucks to the cities with Federal Reserve Banks, then other cities with clearing houses, and finally other cities.
• Review the solvency of each bank - what we call nowadays a "stress test" - to determine which banks should be allowed to reopen. This is what the Treasury did in 2008 and 2009 after the financial meltdown that put Lehman Brothers out of business. The Treasury's chief economist recollects that the principal reason Lehman was allowed to fail is that the Treasury didn't then have legal authority to lend it money against its assets.
• Raise public confidence by announcing and publicizing government actions to ensure bank solvency and liquidity.
• Map out a plan for addressing the consequences of the financial crisis, notably 25 percent unemployment. FDR said it would be "criminal" to adopt a plan that did nothing for the unemployed.
• Map out a plan for financial reform to avoid a repetition of the crisis, i.e., supporting a plan for deposit insurance (which the banks wanted) and increased regulation (which the banks did not want, but which they were willing to trade for deposit insurance). Rep. Henry B. Steagall of Alabama, Chairman of the House Banking Committee, championed deposit insurance. Sen. Carter Glass of Virginia championed stiffer financial regulation (he had Steagall's position in the House when the Fed was created in 1913).

The tension in the 1929-1933 period and in 2008-2009 in the United States and now for many years in the Eurozone is about the need for national leaders to encourage consumer demand by reducing the burden of debt and creating liquidity, while ensuring confidence in the money supply - confidence that investments today will be repaid in uninflected money. In essence, the government must balance the rights of creditors with the need to encourage investment. With such high unemployment in 1933, FDR was prepared to give borrowers a break as against lenders.

Lessons from the Panic of 1893

The remarkable fact is that the U.S. dollar was pegged to gold for so long, a century between 1834 and 1934, during which an ounce of gold was kept at $20.67, with the exception of the 1860-1879 war years when greenback notes were issued without gold backing. When the price of gold rose, the U.S. Treasury would increase the supply by selling gold. When the price of gold fell, the U.S. Treasury would decrease the supply by buying gold.

The closest that the United States came to going off the gold standard may have been after the Panic of 1893, the worst crisis the United States had hitherto suffered and one that affected Will Woodin's family personally.  As in the previous panic of 1873 it resulted from excessively easy credit, resulting in speculation and overbuilding of homes and railroads. On February 20, 1893 - 13 days before the inauguration of U.S. president Grover Cleveland - the Philadelphia and Reading Railroad went broke.
  A series of bank failures followed, and then the failure of three more railroads. Since Will Woodin's family business was selling to the railroads, his father Clement was deeply troubled by the Panic and his health never fully recovered.

In the Panic of 1893, stock prices plummeted, 500 banks closed, 15,000 businesses failed. Falling prices for export crops such as wheat and cotton pushed numerous farms into foreclosure. The unemployment rate in the country rose as high as 19 percent - Pennsylvania to 25 percent, New York to 35 percent, and Michigan to 43 percent.

Jacob S. Coxey, Sr. led a highly publicized march of unemployed laborers from Ohio, Pennsylvania, and several Western states to Washington, D.C. , demanding a jobs relief program. A wave of strikes in 1894, notably the bituminous coal miners' strike of the spring and the Pullman Strike in July, led to violence in Pennsylvania, Ohio, and Illinoi and a shutdown of railroads in much of the country.

Populists and Democrats responded to poorer cotton and wheat farmers in the South and West who needed easy credit to keep their farms going. The Free Silver movement gained support from farmers who sought to liberate the economy from the straitjacket of the gold standard. President Cleveland borrowed $65 million in gold from Wall Street banker J.P. Morgan and the Rothschild banking family of England to support the gold standard.

In the ensuing 1894 elections, the Democrats were blamed for the Depression and Populists lost heavily. The election marked the largest Republican gains in history, locking the GOP thereafter into defense of the gold standard (in the previous election the party was divided).

The presidential election of 1896 was fought on economic issues and the pro-gold, high-tariff. The pro-silver candidate William Jennings Bryan said:

You shall not press down upon the brow of labor this crown of thorns, you shall not crucify mankind upon  cross of gold.

Republicans led by William McKinley won a decisive victory. It was the last major protest of agrarian America against the cities and the industries that were growing in them. Will Woodin decided to join the hard-money Republican movement and ran for Congress in 1898. However, a Civil War veteran advocating easier money defeated him.

FDR Devalues the Dollar

FDR was determined to jettison the gold standard at home because it would get in the way of his plan for recovery. His Treasury Secretary, Woodin, when the subject of going off the gold standard at home came up, would say: "Oh no, not that again." (Woodin was decidedly in the camp of the creditors rather than debtors, but he was also loyal to both his own workers and to FDR.) FDR greatly reduced the straitjacket of the gold standard in two ways:

• On May 1, 1933 by Executive Order, FDR required that all gold be sold to the Treasury at the existing price. The penalty was a fine of up to $10,000 or up to ten years in prison. This gave ample gold backing to the dollar for international purposes at the same time as it made clear to the U.S. public that backing of currency by gold was no longer on offer. 
• On January 30, 1934, FDR devalued the dollar against gold, pushing the peg up to $35/ounce, where it remained into the decade of the 1960s, when I worked for the Federal Reserve Board. The panic of 2008-2009 created uncertainty that pushed up the price of gold, which peaked at $1,900 an ounce in August 2011 but fell back in July to about $1,100 an ounce despite the problems in Greece. Both numbers are well above FDR's peg - $35/ounce in 1934 would be equivalent to $623 in 2015 based on changes in the cost of living, using the BLS inflation calculator.

BANKS | "Holidays"–Greece-2015 v FDR-1933

Monday morning, March 6, 1933, Day 1 of FDR's administration. The last column notes that FDR
authorized issuance of "scrip" to replace dollars. Instead, Secretary Woodin just printed more dollars.

June 29, 2015–Greece has declared a six-day bank holiday.

It applies to foreign banks operating in Greece. A cap has been imposed on withdrawals of deposits - a personal limit of €60 a day on withdrawals from ATM machines.

This sounds something like the four-day (Monday to Thursday) bank holiday that FDR declared on March 6, 1933, right after his inauguration.

FDR embargoed export of gold in the same way that Greece has put capital controls on transfers of deposits out of the country. Later, he made it illegal for individuals to own gold. Private holdings of gold for non-industrial use (with an exemption for holders of special gold coins in the hands of coin collectors) had to be turned in to be replaced with paper dollars. Months later, he significantly devalued the dollar against gold.

If you think of the U.S. link to gold as comparable to Greece's link to the euro, its imposition of capital controls shows some separation of the Greek financial system from the rest of Europe.

Greece is considering issuance of scrip to pay pensions and other internal obligations. One scenario is that the scrip could be the beginning of the reintroduction of the drachma.

Will Woodin, the incoming U.S. Secretary of the Treasury in March 1933, was authorized to issue scrip to the banks or to pay employees and pensioners when the bank holiday was over. But he said he had a "Eureka!" moment during a night of fitful sleeping when he realized that U.S. scrip would be the equivalent of printing new dollars.

Instead, he embarked on round-the-clock production of $2 billion of new greenbacks at the Bureau of Engraving and Printing. He personally supervised the printing and packing up of the greenbacks on trucks, and had film crews recording the event for the Pathe News shows at cinemas all across the country.

When the solvent banks reopened after having been subjected to stress tests, the panic that began in October 1929 and had intensified in the intervening three-and-a-half years was over. Once the panic stage ended, the Depression era settled into a fiscal and monetary battle over how much to stimulate the economy.

Then as now, sober people looked back on the previous era of profligacy that led to insolvencies, illiquidity and panic and were eager to mete out punishments. FDR had the common sense to see that the punishments would be a new crime against the unemployed who were bearing the brunt of the pain.

The difference between the United States then and Greece today is that the U.S. dollar was printed at the discretion of the Secretary of the Treasury under U.S. laws. Also, a crucial aspect was that the Treasury committed itself to reopening only solvent banks, promising deposit insurance (the Steagall part of the Glass-Steagall Act of 1933) and meanwhile standing behind the banks that were reopened.

The euro, on the other hand, is printed and minted by each national central bank under the control of the European Central Bank. The ECB announced in January its latest QE program, creating liquidity Europe-wide by buying $1.1 trillion of bonds over the next two years, injecting a steady stream of liquidity into the financial system. This has not been enough to stop the Greek panic.

Paul Krugman thinks Greece can't take any more austerity, and that - as in the United States of March 1933 - austerity measures are counter-productive. Today as in 1933, reforming the system needs to take a back seat to calming the panic and making sure that the economy is not further destroyed.

When speculators fail, they take their losses and move on. But when the economy fails, the biggest victims are unemployed people, who are innocent of the past crimes or excesses for which they are being punished.

WOODIN | 13. His Tragic Last Months (Updated Mar. 17, 2016)

Secretary Woodin and FDR, 1933.

The Pecora Committee did great work bringing public opinion on the side of reform of the financial markets.

The Glass-Steagall Act and the Securities and Exchange Act would not have passed so easily in 1933 were it not for Ferdinand Pecora's work in bringing forth revelations of the kinds of activities that created the Crash of 1929.

The Pecora Committee's Collateral Damage

Unfortunately, the Pecora Committee created collateral damage. In early May there was an enthusiastic endorsement of Treasury Secretary Woodin's work in calming the bank panics in the cover story on him in Time Magazine in early May.

But by the end of the month the Pecora Committee's revelations were in every newspaper in the nation. J. P. Morgan sold stocks below the market price in the late 1920s to people on his "Preferred List". Those people included Calvin Coolidge. They also included FDR's own Treasury Secretary, Will Woodin.

For Woodin it was a huge embarrassment:

• He already faced a chorus of intense criticism from the right, as fellow Republicans attacked him for joining the administration of a "traitor to his class," FDR.
• He now faced acute criticism from the left, as Democrats pilloried him for enriching himself at the hands of J. P. Morgan through special opportunities via Morgan's Preferred List.

To his great credit, FDR stood by his friend Woodin solidly throughout this period. So did FDR's cabinet. However, FDR's Vice President, former speaker John Nance "Cactus Jack" Garner, urged Woodin to resign.

[To Come: This is the only chapter in the book that is too short. Needs more detail on Woodin's illness, his doctor, reactions of his family, reactions of Democrats and Republicans. Lots of clippings available about his death. Need to summarize, comment. Letters to and from FDR. His death in New York on May 5, 1934 with his wife Nan and daughter Mary (Perky) Miner by his bedside. Need a survey of the many obits. Condolence notes. This chapter does not require any more archival research and is therefore not a priority.]

Woodin and FDR - Last Letters

At the FDR Library in Hyde Park, N.Y., I found what appear to be the last letters between Will Woodin and FDR, in 1934.

[PHOTO CAPTION January 17, 1934. Woodin was recuperating at his son William H. Woodin Jr.'s home in Tucson, Ariz. He sent a letter to FDR from there.]

By this time Will Woodin had left office. Dean Acheson would have been his natural successor, but - as I understand the dynamics - he resisted too vigorously FDR's going off the gold standard.

Instead, Henry Morgenthau was selected, as a safe Treasury Secretary.

FDR wanted Treasury to be more powerful than the Federal Reserve System, but not more powerful than the White House.

Note that Woodin addresses FDR as "Governor"- their little joke, since Woodin worked for FDR when he was Governor of New York and the appellation brought back those days. Sometimes Woodin called FDR "Frank". Woodin was always addressed by FDR as "Will" and so signs himself.

His last paragraph picks up the theme of Congress being in the way of progress. He says to FDR:

Everything seems to be going wonderfully thru out the country and I don't see how the Congress can stop you. I don't see how you do it. Will write again soon. 

[PHOTO CAPTION January 22, 1934. FDR responds from the White House. He writes to celebrate Woodin's seeming improvement.] 

He says how much his friends miss him - the Cabinet and the "old crowd" - i.e., I take it, the people in New York State who got FDR elected.

FDR then moves on to the "banking bill". This bill was enacted within ten days, as the Gold Reserve Act.

It made it a criminal offense for a private citizen to own gold. All gold is owned by the U.S. Treasury, except for businesses that need it for industrial or dental uses, or collectors of rare coins.

The Act devalues the dollar. The value of gold is raised in dollar terms from $20.67 per troy ounce to $35 per troy ounce.

The world value of the dollar as measured in gold was thereby cut nearly in half.

All U.S. gold was entrusted to the U.S. Treasury, including gold and gold certificates in the hands of the Federal Reserve System.

The official Federal Reserve History describes the new law as emasculating the Fed's control over monetary policy until the 1970s. (The right of private citizens to own gold was restored in 1975.)

If that is how the law was perceived by the Fed, that was precisely FDR's intent.

In the letter to Woodin, FDR says that the Fed sees itself as "a central bank", whereas FDR does not. He describes the Fed as an institution with "comparative decentralization" that is subject to "a strong Treasury Department".

A supremely confident FDR shows a certain disdain at this time for the Congress that had distressed f him and Woodin in 1933. "Congress will pass the bill all right. The sooner the better." FDR was right on the mark this time, despite the revolutionary nature of the Gold Reserve Act. FDR was in the catbird seat and on the devaluation question I think history supports FDR's action as what was needed to spur the economy.

February 27, 1934. Still recuperating in Tucson, Woodin writes to FDR again. Woodin  has now given up talking about policy. The devaluation of gold is what his friends were all afraid of and he is probably happy not to be in the hot seat on that issue.

He is focused on the risky surgical operations that are ahead of him. 

I really believe the sooner I have this thing cut out or burned out the better for me. The whole thing must come from the rt tonsil so out she goes.

Woodin's descendants believe that he had a "strep throat" that would have been cleared up today by antibiotics. This letter suggests that "this thing" is not an infection, but a growth.

Woodin has been invited to the dinner honoring the first anniversary of the inauguration, and is sad not to be able to attend.

The second page is almost a farewell to FDR.

I leave here with fond and grateful memories of all your kind messages - telephone and letters – they have cheered me up a lot. You are the most wonderful and understanding man that ever lived. Always Devotedly your Will.

Woodin's farewell was prescient. He returned to New York City, was treated at the Eye and Ear Hospital and on May 3 was gone.

The letters that then followed from FDR were to Nan Woodin and to friends of Will Woodin who wrote to FDR.

There was a funeral service first at the Fifth Avenue Presbyterian Church. Woodin's coffin was then transported by train to a commercial stop at Hazleton, Pa. and it was then transported by car for a burial service in Berwick, Pa.

Funeral in New York City

Charlie Miner says the cause of death would today be described as a strep throat, for which there was then no cure. However, Woodin had throat problems since he seas at college, and it might have been a cancer.

At Woodin's austere funeral service in the Fifth Ave. Presbyterian Church, the President, likewise challenged by illness, called Woodin “a martyr to public service.”

Funeral in Berwick

Woodin’s body is brought to Hazelton, Pa. by special train and from there is carried by car to the First Presbyterian Church in Berwick. Many flags along the streets are flown at half-mast. Hundreds view the body as it lies in state for 90 minutes. At the funeral service on Sunday May 6, 1934, only half those lined outside the church can get in - first those who have tickets and then the rest up to capacity. The remainder stand outside.

Before and after the service, Woodin's composition "The Unknown Soldier" is played by the organist Clark Fuller. There is no music during the 19-minute service, conducted by the Presbyterian pastor Rev. Dr. David M. Harrison. Methodist Rev. W. W. Sholl co-officiates with an introductory prayer. At the burial, "thousands" of people attend the four-minute committal service. His coffin is covered with daffodils and irises.

Bill Selden remembers Will's funeral.  Before my talk to the Berwick Historical Society at the Berwick Golf Club in April 2015, I received a  note from him. He later received a surprise award at the luncheon for sponsoring one of the rooms in the Jackson mansion, i.e., the Billiard Room.

Bill's note, which he has given me permission to publish, reports that he was born on March 25, 1921, so turned 94 last month. He grew up in the Borough of Staten Island, New York City until 1932, when he was 11 years old, so he was old enough to remember the first election of FDR.

Selden Sr. – 45 Years at ACF

His father, William H. Selden Sr., migrated in the reverse direction from William Woodin, moving with his family to Berwick from New York in 1932.

William Selden Sr. worked for ACF for 45 years, first at its NYC office on 30 Church Street starting in the early 1900s. In 1932, the year of FDR's election, he was transferred to the Berwick office of ACF, where he had the title Assistant Mechanical Engineer in charge of Estimating, although he never attended college.

Selden Sr. said, according to his son Bill: "Mr. Woodin was a fine man and a very capable executive of ACF."

Bill (Selden Jr.) meanwhile went to elementary school in Berwick and High School, then served in the U.S. Army during World War II. He was 24 on V-J day. He went on to earn a doctorate in education and was named to the Academic Hall of Fame in Berwick.

His note provides the following memory of Will Woodin's death. I have added two parenthetical explanations to clarify that FDR did attend Woodin's prior funeral in New York City.

The day of the funeral in Berwick was Sunday. My father, my mother and I had dinner at the Hotel Berwick, which was then at the corner of Third and Market Streets in Berwick. Also at the hotel were most members of the President's Cabinet. The only one I recognized was James A. Farley, the Postmaster General. At that time there was talk that President Roosevelt would be attending Mr. Woodin's funeral [in Berwick]. However, at the last minute the President changed his mind. [FDR had already attended the funeral service for Woodin in New York.]

Condolence Notes

Many telegrams and letters are sent to Nan Woodin. A telegram from New York State Governor Herbert H. Lehman, FDR’s successor, reads in part as follows:

I know from my personal knowledge of the great sacrifices he [Will Woodin] made for the nation during the trying times of last year when disregarding his health he toiled ceaselessly to bring security to his country and fellow citizens (Columbia University Digital Collections, Lehman, 0979_0006).

Notes 


Hoover: New Republic

Bill Selden Memories: Hand-written note to the author from Dr. Selden.

Berwick Service: Source for Berwick service and burial includes: East Hampton Star, May 10, 1934, 1, 8.
Book Outline
The outline of my Woodin biography is here. (I am looking for a publisher.) 

Links to ChaptersOutline  1  2  3  4  5  6  7  8  9  10  11  12  13 14 15  App. A  App. B  Acknowledgments

Photos for the Chapter

Letter to Woodin from FDR


[PHOTO CAPTION January 22, 1934. FDR responds from the White House. He writes to celebrate Woodin's seeming improvement.]

Letters to FDR from Woodin, 1934


[PHOTO CAPTION January 17, 1934. Woodin was recuperating at his son William H. Woodin Jr.'s home in Tucson, Ariz. He sent a letter to FDR from there.]







Susan Schwartz's article in the Press-Enterprise:

FDR Library, Hyde Park, N.Y.

Dr. Bill Selden (seated) remembers the high regard his
Dad (who worked for ACF for 45 years) had for Will
 Woodin.

WOODIN | 12. Facing Fear, 1933 (Updated July 7, 2016)

This post, a chapter in a book, has been transferred to a private blog. To obtain access, contact John Tepper Marlin at jtmarlin@post.harvard.edu.