Lords of Finance_ The Bankers Who Broke the World Part 22

237 "The proper object of dear money": Keynes, "The Economic Consequences of Mr. Churchill," in Collected Writing: Essays in Persuasion Collected Writing: Essays in Persuasion, 9: 220.

237 "because he has no instinctive judgment": Keynes, "The Economic Consequences of Mr. Churchill," in Collected Writing: Essays in Persuasion Collected Writing: Essays in Persuasion, 9: 212.

237 In 1927, he invited Keynes: Skidelsky, John Maynard Keynes: The Economist as Saviour, John Maynard Keynes: The Economist as Saviour, 203. 203.

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

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

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

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

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

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

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

13: LA BATAILLE.

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

245 n.o.blemen, who might otherwise: Plessis, Histoires de la Banque, Histoires de la Banque, 205-10. 205-10.

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

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

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

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

249 "frivolity": Moreau, The Golden Franc, The Golden Franc, 37. 37.

250 "in elegant social circles": Jeanneney, Francois de Wendel, Francois de Wendel, 248. 248.

250 "regretted not having thrown": Jeanneney, Francois de Wendel, Francois de Wendel, 254. 254.

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

252 "battle of the franc": Sisley, Huddleston. "France Mobilizes to Save the Franc," New York Times, New York Times, May 30, 1926. May 30, 1926.

252 It managed to raise: "Save the Franc," Time, Time, May 3, 1926, and May 3, 1926, and New York Herald Tribune, New York Herald Tribune, April 21, 1926. April 21, 1926.

253 "which must never be brought out": Sisley, Huddleston. "France Mobilizes to Save the Franc," New York Times, New York Times, May 30, 1926. May 30, 1926.

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

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

254 "Am I to become the liquidator": Moreau, The Golden Franc, The Golden Franc, 12. 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," New York Times, New York Times, June 30, 1926, and "Financiers Gather at Antibes," June 30, 1926, and "Financiers Gather at Antibes," New York Times, New York Times, July 9, 1926. July 9, 1926.

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

256 Strong found his French banking: Leffler, The Elusive Quest, The Elusive Quest, 146. 146.

256 By 1926, an estimated forty-five thousand: "Il y a 500,000 etrangers a Paris," Le Journal, Le Journal, February 2, 1925. February 2, 1925.

256 The French press had: "L'Infiltration des Capitaux Americains dans l'economie Francaise." La Vie Financier, La Vie Financier, April 26, 1926. April 26, 1926.

257 "destructive gra.s.shoppers": Le Midi, Le Midi, April 17, 1926. April 17, 1926.

257 On July 11, in a dramatic protest: "Maimed and Blind Lead Paris Parade to Protest on Debt," New York Times, New York Times, July 12, 1926. July 12, 1926.

258 A couple of days later another party: "Reasonable Resentment," Washington Post, Washington Post, July 26, 1926. July 26, 1926.

258 "Don't boast in cafes": "Our Tourist Troubles in France," The Literary Digest, The Literary Digest, August 14, 1926. August 14, 1926.

259 "Xenophobic displays": Moreau, The Golden Franc, The Golden Franc, 53. 53.

259 "friendly but reserved": Moreau, The Golden Franc, The Golden Franc, 43. 43.

259 The governor's suite at the bank: "Leur Vacances," Le Pet.i.t Parisien, Le Pet.i.t Parisien, September 4, 1927, and Banque de France, September 4, 1927, and Banque de France, Treasures. Treasures.

260 "Mr. Norman arrived at eleven": Moreau, The Golden Franc, The Golden Franc, 51. 51.

260 "stupid, obstinate": H. A. Siepman, "Central Bank Cooperation," quoted in Moure, The Gold Standard Illusion, The Gold Standard Illusion, 156. 156.

261 "a commodity," "only ready to sell": Moreau, The Golden Franc, The Golden Franc, 182. 182.

263 "slave to the books he has written": Moreau, The Golden Franc The Golden Franc, 124.

263 "You are not going to remain": See the Introduction by Jean-Noel Jeanneney to Rist, Une Saison Gatee Une Saison Gatee, 11.

264 "The level of the franc": Keynes, Collected Writing: A Tract, Collected Writing: A Tract, 4: 60. 4: 60.

264 "the sacrifices demanded": Boyle, Montagu Norman Montagu Norman, 226.

265 "The past clung to everything": Ferguson, The House of Rothschild, The House of Rothschild, 458. 458.

265 A familiar figure: Obituary in Le Monde, Le Monde, July 2, 1949. July 2, 1949.

266 "No cabinet was formed": Lottman, The French Rothschilds The French Rothschilds, 136.

266 an enraged mob had howled: Chapman, The Dreyfus Trials The Dreyfus Trials, 52.

266 "Maitre de Forges": "'The Iron Master,'" Time, Time, January 24, 1949, and "Francs and Frenchman," January 24, 1949, and "Francs and Frenchman," Time, Time, May 18, 1936. May 18, 1936.

267 Moreau had had his first taste: Moreau, The Golden Franc, The Golden Franc, 73. 73.

268 Rothschild and Wendel employed every: Moreau, The Golden Franc The Golden Franc, 261, 264, 279; Netter, Histoire de la Banque de France Histoire de la Banque de France, 153.

14: THE FIRST SQUALLS.

270 "Circ.u.mstances rule men" "Circ.u.mstances rule men": Herodotus quote from Bartlett's Familiar Quotations, Bartlett's Familiar Quotations, 71. 71.

270 "to make a fortune": Fraser, Every Man a Speculator, Every Man a Speculator, 45. 45.

270 "The English, however speculative": Sobel, Panic on Wall Street Panic on Wall Street, 223.

270 In 1913, the total value: Rajan, "The great reversals," Table 3, 15.

271 The "merger" bull market: Leonard P. Ayres, "The Great Bull Market of 1925," American Review of Reviews, American Review of Reviews, January 1926. January 1926.

272 No company better exemplified: Sobel, The Great Bull Market The Great Bull Market, 100-105.

273 The buoyant stock market was accompanied: Allen, Only Yesterday, Only Yesterday, chap. XI. chap. XI.

275 "Before the butler could move": Wueschner, Charting Twentieth-Century Monetary Policy Charting Twentieth-Century Monetary Policy, 91.

275 "the only man who emerged": Keynes, Collected Writings: The Economic Consequences, Collected Writings: The Economic Consequences, 2: 174, n.1. 2: 174, n.1.

275 "Secretary of Commerce": Schlesinger Jr. The Crisis of the Old Order, The Crisis of the Old Order, 84. 84.

276 "a mental annex": Hoover, Memoirs, Memoirs, 9. 9.

276 "May it not be the case": Strong memorandum to Carl Snyder, May 21, 1925, quoted in Chandler, Benjamin Strong Benjamin Strong, 428.

277 "Must we accept parenthood": Strong memorandum to Carl Snyder, May 21, 1925, quoted in Chandler, Benjamin Strong Benjamin Strong, 428.

277 "affairs of gamblers": Letter from Strong to Governor George Norris, August 18, 1927, quoted in Chandler, Benjamin Strong, Benjamin Strong, 444. 444.

277 "It seems a shame": Letter from Strong to Norman, November 7, 1925, quoted in Chandler, Benjamin Strong, Benjamin Strong, 329. 329.

280 "tactic of consulting everyone": James, The Reichsbank, The Reichsbank, 26. 26.

280 "He looked upon the world": Bonn, Wandering Scholar, Wandering Scholar, 303. 303.

281 "infatuated by Dr. Schacht": Bennett, Germany and the Diplomacy of the Financial Crisis Germany and the Diplomacy of the Financial Crisis, 127, and Vansittart, The Mist Procession, The Mist Procession, 301. 301.

281 "He is undoubtedly": Letter from Strong to Peter Jay, July 20, 1926, quoted in Chandler, Benjamin Strong, Benjamin Strong, 333. 333.

281 his salary was the equivalent: Kopper, Hjalmar Schacht, Hjalmar Schacht, 86. 86.

281 "ugly clown mask," "vigilant watch": Dodd, Through Emba.s.sy Eyes, Through Emba.s.sy Eyes, 234. 234.

282 "he dresses with the taste": Johannes, Steel. "The Ambitious Dr. Schacht," Current History, Current History, June 1934, 285-90. June 1934, 285-90.

282 "cutting and devastating humor": Dodd, Through Emba.s.sy Eyes, Through Emba.s.sy Eyes, 234. 234.

282 "a whole table enthralled": Aga Khan, Memoirs Memoirs, 337.

282 "Life seemed more free": Shirer, The Rise and Fall of the Third Reich, The Rise and Fall of the Third Reich, 118. 118.

282 "jewel-like sparkle": Large, Berlin Berlin, 211.

282 "You feel all the time": Boyle, Montagu Norman Montagu Norman, 167.

283 The recovery was reflected in the stock market: Voth, "With a Bang, Not a Whimper." one small town in Bavaria: Frieden, Global Capitalism, Global Capitalism, 141. 141.

284 He had hoped that: James, Europe Reborn, Europe Reborn, 112. a "chimera": Voth, "With a Bang, Not a Whimper," 72. 112. a "chimera": Voth, "With a Bang, Not a Whimper," 72.

285 "not wish to have things seem too good": Letter from Pierre Jay to Strong, June 22, 1927, quoted in McNeil, American Money and the Weimar Republic American Money and the Weimar Republic, 152.

285 "changeable and moody": Letter from Parker Gilbert to Strong, September 8, 1927, quoted in McNeil, American Money and the Weimar Republic American Money and the Weimar Republic, 174.

285 "irresponsibility and unpredictability," "extreme and erratic": James, The Reichsbank, The Reichsbank, 61, and McNeil, 61, and McNeil, American Money and the Weimar Republic American Money and the Weimar Republic, 180.

286 At a cabinet meeting: Stresemann diary entry, June 22, 1927, in Stresemann, Diaries, Letters and Papers, Diaries, Letters and Papers, 2. 2.

287 made him "smile": Bank of England, letter from Norman to Strong, November 23, 1925.

287 "seem to be afraid of him": Letter from Strong to Pierre Jay, September 15, 1926, quoted in Chandler, Benjamin Strong, Benjamin Strong, 348. 348.

287 "imperialist dreams": Moreau, The Golden Franc, The Golden Franc, 220. 220.

288 "capricious," "menace the gold standard": Norman cables to Strong, May 24 and 25, 1927, quoted in Clarke, Central Bank Cooperation Central Bank Cooperation, 117, n. 25.

289 "he could not do so": Moreau, The Golden Franc, The Golden Franc, 295. 295.

289 "I do not want to trample": Moreau, The Golden Franc, The Golden Franc, 298. 298.

15: UN PEt.i.t COUP DE WHISKY.

292 She had just landed a part: "Actress a Suicide by Poison in Hotel," New York Times, New York Times, December 10, 1926, and "Illness Drives 2 Women to Suicide in Hotels," December 10, 1926, and "Illness Drives 2 Women to Suicide in Hotels," Washington Post, Washington Post, December 10, 1926. December 10, 1926.

294 In 1926, while Strong was in France: Wueschner, Charting Twentieth-Century Monetary Policy Charting Twentieth-Century Monetary Policy, 125.

294 "thoroughly enjoy getting into a fight": Interview with Leslie Rounds, Committee on the History of the Federal Reserve System, Committee on the History of the Federal Reserve System, Washington: Brookings Inst.i.tution, 1954-55. Washington: Brookings Inst.i.tution, 1954-55.

294 the constant sniping: Wueschner, Charting Twentieth-Century Monetary Policy Charting Twentieth-Century Monetary Policy, 123.

295 Over the years, each of the central banks: John, Brooks. "Annals of Finance: In Defense of Sterling," New Yorker, New Yorker, May 23, 1968, 44. May 23, 1968, 44.

297 "closeted together": Sayers, The Bank of England, The Bank of England, 339. 339.