When a cicada comes out of the ground to enter the last stage of its life cycle, it looks more like a fat, earth-stained grub-worm than a winged thing. Laboriously it climbs up the trunk of a tree, pulling itself along on legs that hardly seem to belong to it, for they move with painful awkwardness as though the creature had not yet got the hang of how to use them. At last it stops in its weary climb and clings to the bark by its front feet. Then, suddenly, there is a little popping sound, and one notices that the creature’s outer garment has split down the back, as neatly as though it had come equipped with a zipper. Slowly now the thing inside begins to emerge, drawing itself out through the opening until it has freed its body, head, and all its members. Slowly, slowly, it accomplishes this amazing task, and slowly creeps out into a patch of sun, leaving behind the brown and lifeless husk from which it came.

The living, elemental protoplasm, translucent, pale green now, remains motionless for a long time in the sun, but if one has the patience to watch it further, one will see the miracle of change and growth enacted before his very eyes. After a while the body begins to pulse with life, it flattens out and changes colour like a chameleon, and from small sprouts on each side of the back the wings commence to grow. Quickly, quickly now, they lengthen out — one can see it happening! — until they become transparent fairy wings, iridescent, shimmering in the sun. They begin to quiver delicately, then more rapidly, and all at once, with a metallic whirring sound, they cut the air and the creature flashes off, a new-born thing released into a new element.

America, in the autumn of 1929, was like a cicada. It had come to an end and a beginning. On October 24th, in New York, in a marble-fronted building down in Wall Street, there was a sudden crash that was heard throughout the land. The dead and outworn husk of the America that had been had cracked and split right down the back, and the living, changing, suffering thing within — the real America, the America that had always been, the America that was yet to be-began now slowly to emerge. It came............