Lords of Finance: 1929, the Great Depression, and the Bankers Who Broke the World (75 page)

¹⁹⁴
"makes the whole of Paris": Nicolson,
Peacemaking 1919
, 330.

¹⁹⁵
"top-hatted frock-coated": Brendon,
Eminent Edwardians
, 115.

¹⁹⁶
"Lord Balfour seems": Quoted in Middlemas and Barnes,
Baldwin
, 133.

¹⁹⁷
"In the Balfour Note": Quoted in Rhodes, "The Image of Britain," 196.

¹⁹⁸
"Has America which but yesterday": "Still Scolding America for Funding Bill,"
New York Times
, February 7, 1922.

¹⁹⁹
"lay a tribute upon": Garet, Garrett. "Shall Europe Pay Back Our Millions,"
New York Times
, November 26, 1922.

²⁰⁰
"to approach the discussion": "British to Pay All, Ask a Square Deal, Debt Board Is Told",
New York Times
, January 9, 1923.

²⁰¹
"they seemed to understand": Boyle,
Montagu Norman
, 156.

²⁰²
"merely sell wheat": "Baldwin Says We Don't Understand Situation on Debt,"
New York Times
, January 28, 1923.

²⁰³
"a hick": Grigg,
Prejudice and Judgment
, 102.

²⁰⁴
"I should be the most cursed": Blake,
The Unknown Prime Minister
, 492.

²⁰⁵
"in order to give them": Keynes. "Letter to J. C. C. Davidson," January 30, 1923, in
Collected Writings
, 8: 103.

²⁰⁶
As the decade went on: Edwin L. James, "Europe Scowls at Rich America,"
New York Times
, July 11, 1926; Frank H. Simonds, "Does Europe Hate the U.S. and Why?"
American Review of Reviews
, September 1926; "Uncle Shylock in Europe,"
American Review of Reviews
, January 1927.

²⁰⁷
"Mr. Montagu Collet Norman": "The Mission to America,"
Times
, December 27, 1922.

²⁰⁸
"singularly gifted": Charles Addis diary quoted in Kynaston,
The City of London: Illusions of Gold
, 64.

²⁰⁹
"He never made jokes": George Booth quoted in Kynaston,
The City of London: Illusions of Gold
, 66.

²¹⁰
His unorthodox appearance: Kynaston,
The City of London: Illusions of Gold
, 64–66; "The Governor of the Bank of England," the
Strand Magazine
, April 1939.

²¹¹
At some point: "Along the Highways of Finance,"
New York Times
, September 4, 1932.

²¹²
Take a typical incident: "Bank of England Head May Be in Berlin,"
New York Times
, March 18, 1923; and "Bank of England Governor Settles Problem in Berlin,"
Christian Science Monitor
, March 17, 1923; and "France Against Mediation in Ruhr by Outside Power,"
Washington Post
, March 17, 1923.

²¹³
"Mr. Norman's dislike": Winston. Churchill, "Montagu Norman,"
Sunday Pictorial
, September 20, 1931.

²¹⁴
"poseur": Vansittart,
The Mist Procession
, 301.

²¹⁵
"sensation of being": Letter from Norman to Caroline Brown, quoted in Boyle,
Montagu Norman
, 140.

²¹⁶
"secretive, egotistic": Williams,
A Pattern of Rulers
, 205.

²¹⁷
"a brilliant neurotic": Boyle,
Montagu Norman
, 129–30.

²¹⁸
"delighted in appearing," "those of an old": Templewood,
Nine Troubled Years
, 78.

²¹⁹
Still an Edwardian: Worsthorne,
Democracy Needs Aristocracy
, 26–28.

²²⁰
"Only lately have the countries": Bank of England, letter from Norman to Strong, March 22, 1922.

²²¹
"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.

²²²
"Dear Old Man": Bank of England, letter from Norman to Strong, March 27, 1923.

²²³
"Dear old [sic] Monty": Bank of England, letter from Strong to Norman, May 1, 1927.

²²⁴
"You are a dear": Bank of England, letter from Strong to Norman, May 1, 1927.

²²⁵
"Dear Ben.": Bank of England, letter from Norman to Strong, January 24, 1925.

²²⁶
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.

²²⁷
"Let me beg you": Bank of England, letter from Norman to Strong, September 15, 1921.

²²⁸
"what is happening": Bank of England, letters from Norman to Strong, March 21. 1925, and February 26, 1927.

²²⁹
"To have a sympathetic person": Bank of England, letter from Strong to Norman, February 15, 1927.

²³⁰
"the Civilization": Bank of England, letter from Norman to Strong, December 18, 1921.

²³¹
"The black spot of Europe": Bank of England, letter from Norman to Strong, April 9, 1923.

²³²
"afflicted by the generous use": Bank of England, letter from Strong to Norman, February 18, 1922.

²³³
In those days: "Finance as Recreation,"
Gettysburg Times
, November 19, 1928.

²³⁴
"The temptation": Bank of England, letter from Strong to Norman, January 4, 1924.

²³⁵
Time will run back
: John Milton quote from
Bartlett's Familiar Quotations
, 258.

²³⁶
In the latter half of 1919: Moggridge,
Maynard Keynes
, 349–50.

²³⁷
"disliked being in the country": Harrod,
The Life of John Maynard Keynes
, 364.

²³⁸
"ovary": Skidelsky,
John Maynard Keynes: Hopes Betrayed
, 211.

²³⁹
"tentative almost": Harrod,
The Life of John Maynard Keynes
, 339–40.

²⁴⁰
"London's position": Keynes, "Memorandum Against the Suspension of Gold," August 3, 1914, in
Collected Writings
, 16: 7–15.

²⁴¹
"humbly and without permission": Keynes,
Collected Writing: A Tract, 4:
xv.

²⁴²
"conservative bankers": Keynes,
Collected Writings: A Tract, 4:
56.

²⁴³
"the allegiance of ": Harrod,
The Life of John Maynard Keynes
, 339–40.

²⁴⁴
"For the moment": Bank of England, letter from Norman to Strong, January 30, 1924.

²⁴⁵
"the most vindictive man": Kynaston,
The City of London: Illusions of Gold
, 65.

²⁴⁶
"He is a brilliant": Bank of England, letter from Strong to Norman, February 6, 1920.

²⁴⁷
"Keynes's little book": Bank of England, letter from Strong to Norman, January 4, 1924.

²⁴⁸
Having jettisoned : Friedman and Schwartz,
A Monetary History
, 240.

²⁴⁹
"I do not intend": Bank of England, letter from Norman to Strong, January 30, 1924.

²⁵⁰
"A dollar standard": Keynes,
Collected Writing: A Tract
, 4: 155.

²⁵¹
"they might come": Walworth,
Woodrow Wilson
, 320, n. 12.

²⁵²
Not surprisingly, the Board: Norris,
Ended Episodes
, 204.

²⁵³
"a body of startling incompetence": Galbraith,
The Great Crash
, 32.

²⁵⁴
"utterly devoid of global": Hoover,
Memoirs
, 9.

²⁵⁵
From Memphis, Tennessee: Interviews with Roy Young and Chester Morrill,
Committee on the History of the Federal Reserve System
, Washington: Brookings Institution, 1954–55.

²⁵⁶
From Iowa came: Interviews with George Harrison, Leslie Rounds, Roy Young, and Chester Morrill,
Committee on the History of the Federal Reserve System
, Washington: Brookings Institution, 1954-55.

²⁵⁷
"I'll see them damned": Letter from Strong to J. H. Case, April 21, 1923, quoted in Chandler,
Benjamin Strong
, 228.

²⁵⁸
In the process: Interview with Leslie Rounds,
Committee on the History of the Federal Reserve System
, Washington: Brookings Institution, 1954–55.

²⁵⁹
"worshipped": Interview with Jay Crane,
Committee on the History of the Federal Reserve System
, Washington: Brookings Institution, 1954–55.

²⁶⁰
At 10:00 p.m. on November 8 1923: Stresemann,
Diaries, Letters and Papers
, 199.

²⁶¹
On November 5: "Berlin Food Rioters Attack and Beat Jews."
New York Times
, November 6, 1923; "Berlin Now Shivering in Sudden Cold Wave,"
New York Times
, November 8, 1923; Feldman,
The Great Disorder
, 780.

²⁶²
"Babylon of the world" "A kind of madness": Zweig,
The World of Yesterday
, 238.

²⁶³
"German Chicago": Large,
Berlin
, 48.

²⁶⁴
"stone-grey corpse": Quote by George Grosz in Hanser,
Putsch
, 253.

²⁶⁵
"beggars, whores": Sahl,
Memoiren
, 36–37 quoted in Ian Buruma, "Weimar Faces,"
New York Review of Books
, November 2, 2006.

²⁶⁶
The previous month: Stresemann,
Diaries, Letters and Papers
, 145–47.

²⁶⁷
"living on the edge": Schacht,
My First Seventy-six Years
, 177.

²⁶⁸
"hindered by personal considerations": Schacht,
My First Seventy-Six Years
,177.

²⁶⁹
"narrow Prussian": Schacht,
My First Seventy-six Years
, 120.

²⁷⁰
"an enthusiasm suitable": Feldman,
The Great Disorder
, 793.

²⁷¹
Schacht was as skeptical: Schacht,
The Stabilization of the Mark
, 79, and Feldman,
The Great Disorder
, 751.

²⁷²
"He sat on his chair": Schacht,
My First Seventy-six Years
, 187.

²⁷³
"father of the inflation": "Stinnes Would Oust Head of Reichsbank,"
New York Times
, November 13, 1923.

²⁷⁴
"preserve his honor": Feldman,
The Great Disorder
, 715.

²⁷⁵
"astonishing appeasement": d'Abernon,
The Diary of an Ambassador
, 2: 283.

²⁷⁶
"he always had good luck": Feldman,
The Great Disorder
, 822.

²⁷⁷
On November 20: "Herr Havenstein Dead,"
Times
, November 21, 1923.

²⁷⁸
"an extraordinarily sympathetic personality": Max Warburg Papers, Unpublished Memoirs, 1923, 69, quoted in Feldman,
The Great Disorder
, 795.

²⁷⁹
During the war: Feldman,
The Great Disorder
, 74.

²⁸⁰
"Be extremely subtle"
: Sun Tzu quote from
Bartlett's Familiar Quotations
, 83.

²⁸¹
"a tall man with a pointed grayish beard" "I want to get on": Schacht,
My First Seventy-six Years
, 194.

²⁸²
Decorated in a neoclassical: "The Governor of The Bank of England,"
Strand Magazine
, April 1939.

²⁸³
"quiet, modest": Bank of England, letter from Norman to Strong, October 28, 1921.

²⁸⁴
"You know, of course": Bank of England, letter from Norman to Strong, January 7, 1924.

²⁸⁵
"entertainments," "sad fate": d'Abernon,
The Diary of an Ambassador
, 2: 122–23.

²⁸⁶
"Hell and Maria": "The Committees,"
Time
, January 7, 1924.

²⁸⁷
"hollow deep-set eyes": Klingaman,
1929: The Year of the Crash
, 95.

²⁸⁸
"both the element of novelty": Dawes,
The Dawes Plan in the Making
, 34–35.

²⁸⁹
"those foul and carrion-loving," "impenetrable and colossal": "Whirlwind Diplomacy: How Dawes Plays Game,"
New York Times
, January 27, 1924.

²⁹⁰
Through a combination of charm: Schuker,
End of French Predominance
, 284.

²⁹¹
in 1922, an audit: Brogan,
France Under the Republic
, 517.

²⁹²
$150 million of National Defense Bonds: Shirer,
The Collapse of the Third Republic
, 161.

²⁹³
On January 14: "La Foire aux Devises,"
Le Quotidien
, March 12, 1924, cited in Schuker,
End of French Predominance
, 89.

²⁹⁴
Prime Minister Poincaré declared: Jeanneney,
François de Wendel
, 187–88.

²⁹⁵
"assist in bringing France": "The Franc Fighting for Its Life,"
The Literary Digest
, March 22, 1924.

²⁹⁶
"Each time the franc loses": Keynes,
Collected Writing: A Tract
, 4: xvi–xvii