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Acknowledgments xi
Introduction: The Legacy of 1914 1
The Opening Salvo 8
The European Gold Rush 26
The Nightmare of 1907 42
Unlocking Emergency Currency 66
Sterling Steals the Spotlight 86
New Street Defies McAdoo 104
Rescue 116
End Game 131
Birth of a Financial Superpower 151
Epilogue: Blueprint for Crisis Control 173
Notes 177
References 201
Index 207
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Chris Garcia
reviewed When Washington Shut Down Wall Street: The Great Financial Crisis of 1914 and the Origins of America's Monetary Supremacy on October 29, 2012
When Washington Shut Down Wall Street: The Great Financial Crisis of 1914 and the Origins of America's Monetary Supremacy
In 1914, the US secretary of the treasury, William McAdoo, closed the New York stock exchange for 4 months? How crazy is that? The reason was to stave off the flight of gold to London after the start of WWI. McAdoo frantically tried all kinds of other stuff too. The best part was how this was all explained. Gold left the US for London because of a differential of a few cents in the exchange rates and the fact that gold would be sold for a fixed price in the local currency. Plus the insurance. Plus the shipping costs. Those are the kind of details that Silber throws in. There's also the impending bank failures where the flight of gold reduces reserves requiring emergency currency to be issued. And how the city of New York almost has to default on its loans issued in London as pounds sterling. Of course the Federal Reserve has to be set up at the same time. I suppose this kind of stuff makes some people's eyes glaze over but I love it. God help me.
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Add When Washington Shut Down Wall Street: The Great Financial Crisis of 1914 and the Origins of America's Monetary Supremacy, When Washington Shut Down Wall Street traces Treasury Secretary William Gibbs McAdoo's triumph over a monetary crisis at the outbreak of World War I. McAdoo stepped in with courageous action and shut down the New York Stock Exchange for more than four mon, When Washington Shut Down Wall Street: The Great Financial Crisis of 1914 and the Origins of America's Monetary Supremacy to the inventory that you are selling on WonderClubX
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Add When Washington Shut Down Wall Street: The Great Financial Crisis of 1914 and the Origins of America's Monetary Supremacy, When Washington Shut Down Wall Street traces Treasury Secretary William Gibbs McAdoo's triumph over a monetary crisis at the outbreak of World War I. McAdoo stepped in with courageous action and shut down the New York Stock Exchange for more than four mon, When Washington Shut Down Wall Street: The Great Financial Crisis of 1914 and the Origins of America's Monetary Supremacy to your collection on WonderClub |
