"The formation of the new Government did not end the financial crisis, and I returned from abroad to find everything unsettled in the advent of an inevitable general election. The verdict of the electorate was worthy of the British nation. A National Government had been formed under Mr. Ramsay MacDonald, founder of the Labour-Socialist Party. They proposed to the people a programme of severe austerity and sacrifice. It was an earlier version of “Blood, sweat, toil, and tears,” without the stimulus or the requirements of war and mortal peril. The sternest economy must be practised. Everyone would have his wages, salary, or income reduced. The mass of the people were asked to vote for a régime of self-denial. They responded as they always do when caught in the heroic temper. Although contrary to their declarations, the Government abandoned the gold standard, and although Mr. Baldwin was obliged to suspend, as it proved for ever, those very payments on the American debt which he had forced on the Bonar Law Cabinet of 1923, confidence and credit were restored. There was an overwhelming majority for the new Administration. Mr. MacDonald as Prime Minister was only followed by seven or eight members of his own party; but barely a hundred of his Labour opponents and former followers were returned to Parliament. His health and powers were failing fast, and he reigned in increasing decrepitude at the summit of the British system for nearly four fateful years. And very soon in these four years came Hitler."