Lords of Finance_ The Bankers Who Broke the World - Part 20
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Part 20

117 "la politique des casinos" "la politique des casinos": Steiner, The Lights That Failed, The Lights That Failed, 183. 183.

117 "As far as I am concerned": Howe, A World History, A World History, 152. 152.

117 "France could not decide": Garratt, What Has Happened, What Has Happened, 161. 161.

117 "vainglorious, quarrelsome": Carlyle, 1870 letter to the Times Times quoted in Wilson, the quoted in Wilson, the Victorians Victorians , 345. , 345.

117 "the gratification of private": Schuker, End of French Predominance in Europe End of French Predominance in Europe, 17.

117 "I can't bear him": Adamthwaite, Grandeur and Misery Grandeur and Misery, 75.

117 "uneasy vanity": Collier, Germany and the Germans Germany and the Germans, 470.

118 The Germans responded: Martin, France and the Apres Guerre, France and the Apres Guerre, 75. 75.

120 "Nothing like this": Keynes, "Speculation in the Mark and Germany's Balances Abroad," in Manchester Guardian Commercial, Manchester Guardian Commercial, September 28, 1922, in September 28, 1922, in Collected Writings, Collected Writings, 18: 49-50. 18: 49-50.

120 A visitor in the late 1920s: Kindleberger, A Financial History, A Financial History, 310-11. 310-11.

120 "In the whole course": d'Abernon, The Diary of an Amba.s.sador, The Diary of an Amba.s.sador, 2: 124. 2: 124.

121 "133 printing works": Schacht, The Stabilization of the Mark The Stabilization of the Mark, 105.

121 Basic necessities: "Berlin Now Shivering in Sudden Cold Wave," New York Times New York Times, November 8, 1923.

122 German physicians: "Cipher Stroke a New Disease for Germans Figuring Marks." New York Times New York Times, December 7, 1923.

122 "For a salary": Cowley, Exile's Return, Exile's Return, 142. 142.

123 "How wild anarchic": Zweig, The World of Yesterday, The World of Yesterday, 301. 301.

124 During those days of violence: Habedank, Die Reichsbank, Die Reichsbank, 34. 34.

125 "whether one wished": Warburg Archives, Jahresbericht 1923, Jahresbericht 1923, 43, quoted in Ferguson, 43, quoted in Ferguson, Paper and Iron Paper and Iron, 9.

126 "The Reichsbank today": Ferguson, When Money Dies, When Money Dies, 169. 169.

127 "No-one could antic.i.p.ate": D'Abernon communication to Foreign Office, quoted in Ferguson, When Money Dies, When Money Dies, 169. 169.

127 "It appears almost impossible": d'Abernon, The Diary of an Amba.s.sador, The Diary of an Amba.s.sador, 2: 240. 2: 240.

128 "old style Prussian," "permanent order": Schacht, My First Seventy-six Years My First Seventy-six Years, 161.

128 "h.e.l.l's kitchen": Schacht. My First Seventy-six Years, My First Seventy-six Years, 177. 177.

8: UNCLE SHYLOCK.

132 "The princ.i.p.al danger": Bank of England, letter from Strong to Norman, November 22, 1918.

132 "help to rebuild": "Wilson Stirs Audience," New York Times, New York Times, September 28, 1918. September 28, 1918.

133 "The Family": Bacevich, "Family Matters" and "Bachelor as Guest Is Sole Occupant of Exclusive Club," Washington Post, Washington Post, August 22. 1926. August 22. 1926.

134 "pallid career": Phillips, Ventures in Diplomacy, Ventures in Diplomacy, 6, quoted in Bacevich, "Family Matters," 406. 6, quoted in Bacevich, "Family Matters," 406.

135 "constructive policy": Letter from Strong to Leffingwell, July 31, 1919, quoted in Chandler, Benjamin Strong, Benjamin Strong, 144. 144.

136 "in which [Sir Edward]": Strong to James Brown, September 14, 1916, quoted in Roberts, "Benjamin Strong, the Federal Reserve."

136 "that the Allies," "been slight": Letter from Strong to Leffingwell, July 25, 1919, quoted in Chandler, Benjamin Strong, Benjamin Strong, 142. 142.

136 "their hearts to rule": Letter from Strong to Leffingwell, July 31, 1919, quoted in Chandler, Benjamin Strong, Benjamin Strong, 143. 143.

136 "In the useless slaughter": Masterton, England After the War, England After the War, 32-33. 32-33.

137 "The consequences": Steffens, Autobiography, Autobiography, 803. 803.

138 "lack of leadership," "people in authority": Letter from Strong to Leffingwell, August 30, 1919, quoted in Chandler, Benjamin Strong, Benjamin Strong, 145-46. 145-46.

138 "desert Europe," "prolonged disorder": Letter from Strong to Leffingwell, August 30, 1919, quoted in Chandler, Benjamin Strong, Benjamin Strong, 145-46. 145-46.

139 "the most wonderful," "the most gorgeous": Bank of England, letter from Strong to Norman, March 1, 1920.

139 "Whenever you do come": Bank of England, letter from Norman to Strong, December 3, 1920.

140 "makes the whole of Paris": Nicolson, Peacemaking 1919, Peacemaking 1919, 330. 330.

140 "top-hatted frock-coated": Brendon, Eminent Edwardians, Eminent Edwardians, 115. 115.

140 "Lord Balfour seems": Quoted in Middlemas and Barnes, Baldwin, Baldwin, 133. 133.

140 "In the Balfour Note": Quoted in Rhodes, "The Image of Britain," 196.

140 "Has America which but yesterday": "Still Scolding America for Funding Bill," New York Times, New York Times, February 7, 1922. February 7, 1922.

140 "lay a tribute upon": Garet, Garrett. "Shall Europe Pay Back Our Millions," New York Times, New York Times, November 26, 1922. November 26, 1922.

141 "to approach the discussion": "British to Pay All, Ask a Square Deal, Debt Board Is Told", New York Times, New York Times, January 9, 1923. January 9, 1923.

142 "they seemed to understand": Boyle, Montagu Norman Montagu Norman, 156.

143 "merely sell wheat": "Baldwin Says We Don't Understand Situation on Debt," New York Times, New York Times, January 28, 1923. January 28, 1923.

143 "a hick": Grigg, Prejudice and Judgment Prejudice and Judgment, 102.

143 "I should be the most cursed": Blake, The Unknown Prime Minister, The Unknown Prime Minister, 492. 492.

143 "in order to give them": Keynes. "Letter to J. C. C. Davidson," January 30, 1923, in Collected Writings Collected Writings, 8: 103.

144 As the decade went on: Edwin L. James, "Europe Scowls at Rich America," New York Times, New York Times, July 11, 1926; Frank H. Simonds, "Does Europe Hate the U.S. and Why?" July 11, 1926; Frank H. Simonds, "Does Europe Hate the U.S. and Why?" American Review of Reviews, American Review of Reviews, September 1926; "Uncle Shylock in Europe," September 1926; "Uncle Shylock in Europe," American Review of Reviews, American Review of Reviews, January 1927. January 1927.

145 "Mr. Montagu Collet Norman": "The Mission to America," Times, Times, December 27, 1922. December 27, 1922.

145 "singularly gifted": Charles Addis diary quoted in Kynaston, The City of London: Illusions of Gold, The City of London: Illusions of Gold, 64. 64.

145 "He never made jokes": George Booth quoted in Kynaston, The City of London: Illusions of Gold, The City of London: Illusions of Gold, 66. 66.

146 His unorthodox appearance: Kynaston, The City of London: Illusions of Gold, The City of London: Illusions of Gold, 64-66; "The Governor of the Bank of England," the 64-66; "The Governor of the Bank of England," the Strand Magazine, Strand Magazine, April 1939. April 1939.

146 At some point: "Along the Highways of Finance," New York Times, New York Times, September 4, 1932. September 4, 1932.

147 Take a typical incident: "Bank of England Head May Be in Berlin," New York Times, New York Times, March 18, 1923; and "Bank of England Governor Settles Problem in Berlin," March 18, 1923; and "Bank of England Governor Settles Problem in Berlin," Christian Science Monitor, Christian Science Monitor, March 17, 1923; and "France Against Mediation in Ruhr by Outside Power," March 17, 1923; and "France Against Mediation in Ruhr by Outside Power," Washington Post, Washington Post, March 17, 1923. March 17, 1923.

147 "Mr. Norman's dislike": Winston. Churchill, "Montagu Norman," Sunday Pictorial Sunday Pictorial, September 20, 1931.

148 "poseur": Vansittart, The Mist Procession The Mist Procession, 301.

148 "sensation of being": Letter from Norman to Caroline Brown, quoted in Boyle, Montagu Norman Montagu Norman , 140. , 140.

148 "secretive, egotistic": Williams, A Pattern of Rulers A Pattern of Rulers, 205.

148 "a brilliant neurotic": Boyle, Montagu Norman Montagu Norman, 129-30.

149 "delighted in appearing," "those of an old": Templewood, Nine Troubled Years Nine Troubled Years, 78.

149 Still an Edwardian: Worsthorne, Democracy Needs Aristocracy, Democracy Needs Aristocracy, 26-28. 26-28.

149 "Only lately have the countries": Bank of England, letter from Norman to Strong, March 22, 1922.

149 "Anything in the nature": Bank of England, letter from Strong to Norman, July 14, 1922. "Dear Strongy": Bank of England, letter from Norman to Strong, May 24, 1922.

150 "Dear Old Man": Bank of England, letter from Norman to Strong, March 27, 1923.

150 "Dear old [sic] Monty": Bank of England, letter from Strong to Norman, May 1, 1927.

150 "You are a dear": Bank of England, letter from Strong to Norman, May 1, 1927.

150 "Dear Ben.": Bank of England, letter from Norman to Strong, January 24, 1925.

151 they sounded like a couple of: Bank of England, letter from Norman to Strong, April 2, 1927, and letters from Strong to Norman, March 25, 1927, and April 14, 1927.

151 "Let me beg you": Bank of England, letter from Norman to Strong, September 15, 1921.

151 "what is happening": Bank of England, letters from Norman to Strong, March 21. 1925, and February 26, 1927.

151 "To have a sympathetic person": Bank of England, letter from Strong to Norman, February 15, 1927.

151 "the Civilization": Bank of England, letter from Norman to Strong, December 18, 1921.

152 "The black spot of Europe": Bank of England, letter from Norman to Strong, April 9, 1923.

152 "afflicted by the generous use": Bank of England, letter from Strong to Norman, February 18, 1922.

152 In those days: "Finance as Recreation," Gettysburg Times, Gettysburg Times, November 19, 1928. November 19, 1928.

153 "The temptation": Bank of England, letter from Strong to Norman, January 4, 1924.

9: A BARBAROUS RELIC.

155 Time will run back Time will run back: John Milton quote from Bartlett's Familiar Quotations, Bartlett's Familiar Quotations, 258. 258.

165 In the latter half of 1919: Moggridge, Maynard Keynes, Maynard Keynes, 349-50. 349-50.

166 "disliked being in the country": Harrod, The Life of John Maynard Keynes The Life of John Maynard Keynes, 364.

166 "ovary": Skidelsky, John Maynard Keynes: Hopes Betrayed, John Maynard Keynes: Hopes Betrayed, 211. 211.

166 "tentative almost": Harrod, The Life of John Maynard Keynes, The Life of John Maynard Keynes, 339-40. 339-40.

167 "London's position": Keynes, "Memorandum Against the Suspension of Gold," August 3, 1914, in Collected Writings, Collected Writings, 16: 7-15. 16: 7-15.

167 "humbly and without permission": Keynes, Collected Writing: A Tract, 4: Collected Writing: A Tract, 4: xv. xv.

167 "conservative bankers": Keynes, Collected Writings: A Tract, 4: Collected Writings: A Tract, 4: 56. 56.

168 "the allegiance of": Harrod, The Life of John Maynard Keynes The Life of John Maynard Keynes, 339-40.

168 "For the moment": Bank of England, letter from Norman to Strong, January 30, 1924.

169 "the most vindictive man": Kynaston, The City of London: Illusions of Gold, The City of London: Illusions of Gold, 65. 65.

169 "He is a brilliant": Bank of England, letter from Strong to Norman, February 6, 1920.

170 "Keynes's little book": Bank of England, letter from Strong to Norman, January 4, 1924.

170 Having jettisoned : Friedman and Schwartz, A Monetary History, A Monetary History, 240. 240.

172 "I do not intend": Bank of England, letter from Norman to Strong, January 30, 1924.

172 "A dollar standard": Keynes, Collected Writing: A Tract, Collected Writing: A Tract, 4: 155. 4: 155.

173 "they might come": Walworth, Woodrow Wilson Woodrow Wilson, 320, n. 12.

173 Not surprisingly, the Board: Norris, Ended Episodes, Ended Episodes, 204. 204.

173 "a body of startling incompetence": Galbraith, The Great Crash, The Great Crash, 32. 32.

173 "utterly devoid of global": Hoover, Memoirs, Memoirs, 9. 9.