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Stress Testing The Fed — Passing The Liquidity Baton

A dozen years before Great Britain boasted Harold Abrahams, Lord David Burghley and Eric Liddell at the 1924 Paris Olympics, the United States had Edward Lindberg, Ted Meredith, Charles Reidpath and Mel Sheppard. This four-man team ran for gold in the inaugural 4×400 relay at the 1912 Stockholm Olympics. At 3:16.6 minutes, the Americans set the first Olympics Record and smashed the prior world record by nearly two seconds. As extraordinary a film as Chariots of Fire is, the powerful story line does play fast and loose with history. While Liddell does refuse to run on Sunday and in so doing, truly makes history, Abrahams never competes to win the court race at Cambridge University and it isn’t until 1935 that he meets the hauntingly beautiful opera singer he will later marry.

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