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Lords of Finance_ The Bankers Who Broke the World Part 26

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473 "This is the most terrible thing": Henry Morgenthau, Jr., "The Morgenthau Diaries: Part V: The Paradox of Poverty and Plenty," Colliers, Colliers, October 25, 1947. October 25, 1947.

473 "the gold standard on the booze": Maynard Keynes, "Keynes to Roosevelt: Our Recovery Plan a.s.sailed-An Open Letter," New York Times New York Times, December 31, 1933, in Collected Writings Collected Writings, 21: 289-97.

474 In the four years after 1933, the value of gold: Romer, "What Ended the Great Depression?" and Meltzer, A History of the Federal Reserve, A History of the Federal Reserve, 573. 573.

476 "Operated on this morning": Rhodes, The Making of the Atomic Bomb, The Making of the Atomic Bomb, 685-86. 685-86.

22. THE CARAVANS MOVE ON.

477 If a man will begin If a man will begin: Francis Bacon quote from Bartlett's Familiar Quotations, Bartlett's Familiar Quotations, 166. 166.

477 Breaking with the dead hand of the gold standard: Eichengreen and Sachs, "Exchange Rates and Economic Recovery," and Choudhri and Kochin, "The Exchange Rate and the International Transmission of Business Cycle."

480 "If Hitler comes to power": Gunther, Inside Europe, Inside Europe, 99; Muhlen, 99; Muhlen, Schacht: Hitler's Magician, Schacht: Hitler's Magician, viii. viii.

480 "Your movement is carried internally": Letter from Schacht to Hitler, August 29, 1932, in Office of the Counsel for Prosecution of Axis Criminality, n.a.z.i Conspiracy and Aggression, n.a.z.i Conspiracy and Aggression, Vol VII, Washington D.C.: Government Printing Office, 1946, 512-14. Vol VII, Washington D.C.: Government Printing Office, 1946, 512-14.

480 "the only man fit": "Hitler Holds Back Decision on Cabinet as Aides Disagree," New York Times, New York Times, November 23, 1932. November 23, 1932.

481 "a man of quite astonishing ability": Hitler, Hitler's Secret Conversations, Hitler's Secret Conversations, 350. 350.

481 The recovery was not quite the miracle: This section draws heavily on Tooze, The Wages of Destruction, The Wages of Destruction, 37-43, and Evans, 37-43, and Evans, The Third Reich in Power The Third Reich in Power, 322-77.

482 "The whole modern world is crazy": Dodd and Dodd, Amba.s.sador Dodd's Diary, Amba.s.sador Dodd's Diary, 175. 175.

485 "Don't forget what desperate straits": Gilbert, Nuremburg Diary, Nuremburg Diary, 153-54. 153-54.

485 In the lead-up to the trial: Overy, Interrogations, Interrogations, 73. 73.

485 "like an angry walrus": Dos Pa.s.sos, Tour of Duty, Tour of Duty, 301. 301.

485 "twisted in his seat": West, A Train of Powder, A Train of Powder, 5. 5.

487 "They were wrong about reparations": Kynaston, The City of London: Illusions of Gold, The City of London: Illusions of Gold, 373-74. 373-74.

487 "old gentlemen complaining": Williams, A Pattern of Rulers, A Pattern of Rulers, 221. 221.

488 "Hitler and Schacht": Memo from Leffingwell to Lamont, July 25, 1934, quoted in Chernow, The House of Morgan, The House of Morgan, 398. 398.

488 "If this struggle goes on": Goodwin, The Fitzgeralds and the Kennedys The Fitzgeralds and the Kennedys, 687.

489 "As I look back": Boyle, Montagu Norman, Montagu Norman, 327-28. 327-28.

490 During the 1930s, Keynes's speculative activities: Skousen, "Keynes as a Speculator," 162, and Moggridge, Maynard Keynes, Maynard Keynes, 585. 585.

491 "I do enjoy these lunches": Sayers, The Bank of England, The Bank of England, 602. 602.

492 "the unpleasantest man in Washington": Skidelsky, John Maynard Keynes: Fighting for Britain, John Maynard Keynes: Fighting for Britain, p. 260. p. 260.

492 "he has not the faintest conception": Keynes, Letter to Wilfrid Eady, October 3, 1943, in Collected Writings Collected Writings, Vol. XXV, pp. 352-57.

494 "The flow of alcohol is appalling": Ca.s.sidy, John ."The New World Disorder," New Yorker, New Yorker, October 26, 1998, p 198. October 26, 1998, p 198.

494 "madhouse with most people": Skidelsky, John Maynard Keynes: Fighting for Britain, John Maynard Keynes: Fighting for Britain, p. 347. p. 347.

495 "If we can so continue": Skidelsky, John Maynard Keynes: Fighting for Britain, John Maynard Keynes: Fighting for Britain, p 355. p 355.

23: EPILOGUE.

497 I have yet to see any problem: Poul Anderson quote from The Yale Book of Quotations, The Yale Book of Quotations, 19. 19.

503 "his policies died with him": U.S. House of Representatives, Banking Act of 1935, Banking Act of 1935, Committee on Banking and Currency, 74 Congress, Ist Sess. 1935. Committee on Banking and Currency, 74 Congress, Ist Sess. 1935.

503 "problems of life": Keynes, "Preface" in Collected Writings: Essays in Persuasion Collected Writings: Essays in Persuasion. 9: xviii.

503 "trustees, not of civilization": Harrod, The Life of John Maynard Keynes The Life of John Maynard Keynes, 193-94.

BIBLIOGRAPHY.

The bibliography includes not only works referred to in the text but also a selected list of books and articles on the economic history of the period that I have found useful in my research. The interpretation of the causes of the Great Depression set out here is eclectic. Nevertheless, my thinking has been framed by four books in particular: the cla.s.sic by Milton Friedman and Anna Schwartz, A Monetary History of the United States 1857-1960, A Monetary History of the United States 1857-1960, which highlights the dysfunctional policies and decision making at the Fed; the 1973 book by Charles Kindelberger, which highlights the dysfunctional policies and decision making at the Fed; the 1973 book by Charles Kindelberger, The World in Depression The World in Depression , one of the early contemporary books to focus on the global dimension of the economic collapse; and the works of Peter Temin and Barry Eichengreen, especially Temin's , one of the early contemporary books to focus on the global dimension of the economic collapse; and the works of Peter Temin and Barry Eichengreen, especially Temin's Lessons from the Great Depression Lessons from the Great Depression and Eichengreen's and Eichengreen's Golden Fetters, Golden Fetters, which identify the gold standard as the chief culprit for transmitting depression around the world. which identify the gold standard as the chief culprit for transmitting depression around the world.

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