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TitleLords of Finance: The Bankers Who Broke the World
Author
LanguageEnglish
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Total Pages198
Table of Contents
                            Title Page
Copyright Page
Dedication
Epigraph
Introduction
PART ONE - THE UNEXPECTED STORM
1. PROLOGUE
5. L’INSPECTEUR DES FINANCES - FRANCE: 1914
PART TWO - AFTER THE DELUGE
PART THREE - SOWING A NEW WIND
PART FOUR - REAPING ANOTHER WHIRLWIND
19. A LOOSE CANNON ON THE DECK OF THE WORLD - 1931
PART FIVE - AFTERMATH
23. EPILOGUE
TRANSLATING SUMS OF MONEY
Acknowledgements
NOTES
BIBLIOGRAPHY
INDEX
                        
Document Text Contents
Page 99

238 “the victims,” “in the flesh [of] the fundamental”: Keynes, “The Economic
Consequences of Mr. Churchill,” in Collected Writing: Essays in Persuasion. 9:
223.

239 “the biggest blunder”: Moran, Winston Churchill, 303-304, quoted in
Kynaston, The City of London: Illusions of Gold, 129.

239 “misled by the Governor”: Toye, Lloyd George and Churchill, 256.

239 “that man Skinner”: Grigg, Prejudice and Judgment, 193.

239 “to everyone’s surprise”: Amery, Diaries, 552, quoted in Kynaston, The
City of London: Illusions of Gold, 129.

239 “The gold standard party”: Keynes, “The Gold Standard,” in The Nation and
Athenaeum, May 2, 1925, in Collected Writings, 19: 361.

240 “In a new country”: Strong Memorandum, January 11, 1925, quoted in
Chandler, Benjamin Strong, 309.

241 Only peril: Charles de Gaulle quote from Bartlett’s Familiar Quotations,
728.

245 Noblemen, who might otherwise: Plessis, Histoires de la Banque, 205-10.

246 Over the 120 years: Garratt, What Has Happened to Europe, 164-65.

246 “The hardest thing to understand”: Quoted in Brogan, France Under the
Republic, 66.

249 “a kind of Treasury magician”: Binion, Defeated Leaders, 95.

249 As he strode into the Chamber: “Caillaux’s Political Resurrection,” The
Literary Digest, May 2, 1925, and “In Parliament,” Time, May 4, 1925.

249 “frivolity”: Moreau, The Golden Franc, 37.

250 “in elegant social circles”: Jeanneney, François de Wendel, 248.

250 “regretted not having thrown”: Jeanneney, François de Wendel, 254.

252 “we are the soldiers”: Bonnet, Vingt Ans de Vie Politique, 101-102, quoted
in Jeanneney, François de Wendel, 271.

252 “battle of the franc”: Sisley, Huddleston. “France Mobilizes to Save the

Page 100

Franc,” May 30, 1926.

252 It managed to raise: “Save the Franc,” May 3, 1926, and
April 21, 1926.

253 “which must never be brought out”: Sisley, Huddleston. “France Mobilizes
to Save the Franc,” May 30, 1926.

253 “[laid] down their squabbles”: Letter from Strong to Peter Jay, May 9, 1926,
quoted in Chandler, , 362.

253 “excoriated from one end”: Letter from Strong to George Harrison, May 23,
1926, quoted in Chandler, , 363.

254 “Am I to become the liquidator”: Moreau, 12.

255 “My doubt is only about”: Bank of England, letter from Norman to Strong,
June 8, 1926. The two bankers did manage: “Strong Refuses to Discuss
Finance,” June 30, 1926, and “Financiers Gather at Antibes,”

July 9, 1926.

255-56 Another intrepid journalist: “M. Strong et Sir [sic] Montagu Norman se
reposent paisiblement a Antibes,” July 5, 1926.

256 Strong found his French banking: Leffler, 146.

256 By 1926, an estimated forty-five thousand: “Il y a 500,000 Étrangers a
Paris,” February 2, 1925.

256 The French press had: “L’Infiltration des Capitaux Américains dans
l’Économie Francaise.” April 26, 1926.

257 “destructive grasshoppers”: April 17, 1926.

257 On July 11, in a dramatic protest: “Maimed and Blind Lead Paris Parade to
Protest on Debt,” July 12, 1926.

258 A couple of days later another party: “Reasonable Resentment,”
July 26, 1926.

258 “Don’t boast in cafes”: “Our Tourist Troubles in France,”
August 14, 1926.

259 “Xenophobic displays”: Moreau, 53.

259 “friendly but reserved”: Moreau, 43.

259 The governor’s suite at the bank: “Leur Vacances,”

Page 197

recaptured, and at her trial revealed the names of politicians she had bribed. She
committed suicide in prison in 1935.

44

He was the founder of no less than three business colleges: Babson College in
Massachusetts, Webber College in Florida, and the now defunct Utopia College
in Eureka, Kansas. In 1940, he ran for president of the United States as the
Prohibition Party’s candidate, receiving 57,800 votes In 1948, he formed the
Gravity Research Foundation, an organization dedicated to combating the effects
of gravity, including the quest for antigravity matter.

45

Meyer remained a Washington figure of some repute. After he retired from the
Fed in 1933, he bought the near bankrupt Washington Post, which he
successfully turned around. He was the father of the late Katharine Graham.

46

Many popular accounts of the Great Depression attribute a large weight to the
protectionist Smoot-Hawley Act as a cause of the economic collapse. Tariffs
shift demand from imports to domestic goods, so if anything, it should have had
an expansionary effect. Retaliation by foreigners did hurt the U.S. economy, but
exports were a small percentage of GDP—less than 4 percent—so the total effect
would have been small. Changes in capital flows dwarfed the impact of trade.

47

Schacht liked to tell the story of how when he came to New York in the mid-
1920s, Strong had taken him down into the vaults of the New York Fed to show
him where the Reichsbank’s gold was stored. Much to Strong’s embarrassment,
Fed officials were unable to find the pallet of bullion that had been specifically
earmarked for the Reichsbank. See Hjalmar Schacht, My First Seventy-six Years
(London: Allan Wingate, 1955), page 264.

48

See page 5 above.

49

It was a turning point with especially tragic consequences for Laval himself.
Following the defeat of France in 1940, he joined the Vichy government and
became one of the most active French collaborators with the Nazis. He was tried

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for treason after the war, and following a botched suicide attempt with cyanide,
he was executed by firing squad, half conscious and vomiting, in October 1945.

50

The accusations of tax dodging resurfaced in 1934 when the Justice Department
indicted him for having falsified his 1931 tax returns and sought more than $3
million in back taxes and penalties. He was cleared on appeal, but his estate
eventually paid some $600,000 as a settlement.

51

German GDP in the 1920s was $15 billion, one-sixth the size of the U.S.
economy. By comparison, Mexico in 1994 had a GDP of $450 billion, a little
more than one-eighteenth that of a U.S. economy then of $7.5 trillion.

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