America’s Money Machine

ELGIN GROSECLOSE founded (1960) and currently serves as executive director of the Institute for Monetary Reasearch, Inc., and since 1944 has been head of Groseclose, Williams, and Broderick, financial and investment consultants. With degrees from the University of Oklahoma (AB) and American University (MA, PhD), he is one of America’s leading monetary economists.

Dr. Groseclose was the first financial editor of Fortune, has taught money and banking at the City College of New York, and has served the federal government in a number of professional and consultative capacities. During World War II he served as treasurer-general of Iran by appointment of the Iranian parliament, charged with the principal task of curbing wartime inflation. He successfully carried out this mandate by returning gold to the marketplace—a measure subsequently adopted with great success throughout the Middle East War Theatre.

Dr. Groseclose’s books include Money and Man (1976), the fourth revised and enlarged edition of Money: The Human Conflict (1934); Introduction to Iran (1947); Fifty Years of Managed Money (1966), of which this work is a revised and updated edition; and seven novels, among which are Ararat (1939; third edition, 1977), winner of a National Book Award and a Foundation for Literature Award; The Kiowa (1978), a Gold Medallion winner and Christian Herald Book Shelf selection; and Olympia, a story of fourth century Byzantium (1980).