Liaquat Ahamed

Lords of Finance

1. IDEA 1

   Four bankers shaped the world

   Ahamed tells the story of the heads of four central banks, in Britain, America, Germany and France, between the two world wars. He argues their decisions helped bring about the Great Depression.

2. IDEA 2

   Britain clung to past glory

   Ahamed portrays Montagu Norman of the Bank of England as a secretive figure determined to restore London's role. Returning sterling to gold at its old value, in Ahamed's view, hurt Britain badly.

3. IDEA 3

   America's banker tried to help

   Ahamed describes Benjamin Strong of the New York Federal Reserve as a powerful partner to Norman. Strong's early death, Ahamed suggests, left American policy without steady leadership. This mattered as the crisis grew.

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