Lords of Finance: 1929, the Great Depression, and the Bankers Who Broke the World (85 page)

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The page references in this index correspond to the printed edition from which this ebook was created. To find a specific word or phrase from the index, please use the search feature of your ebook reader.

Page numbers in boldface indicate photographs.

Abernon, Edgar Vincent d’, 127, 189, 197, 379

Acheson, Dean, 457–58, 471–72, 473

Agadir crisis (1911), 43, 44

Agricultural Adjustment Act, 456, 457, 461–62

Albert, Arthur William Patrick, Duke of Connaught, 112, 113

Aldrich, Nelson, 54, 56

Aldrich Plan, 56, 57, 58

Angell, Norman, 20–22

Asian crisis (1997–98), 499, 500

atomic bomb, development of, 475–76

Australia, 13, 221, 236, 341, 374

Austria

bank holiday in, 419

and British departure from gold, 433

Credit Anstalt failure in, 404–6

and customs union, 406, 416

declaration of war against Serbia by, 23–24, 29, 35, 48

German capital in, 407

gold standard in, 221

interest rates in, 341

optimism on duration of war in, 75–76

pounds/sterling reserves in, 196

Austrian National Bank, 405

automobile industry, 272–73, 279

Autonomy Law (Germany, 1922), 188

Babson, Roger, 348–49, 349
n
, 350

Bagehot, Walter, 79, 307, 387, 391, 405, 437

Baldwin, Stanley, 141–43, 221, 222, 223, 233, 431

Balfour, Arthur, 139–40

Bank Act (Great Britain, 1844), 82

Bank of England

and Banque de France, 4, 244, 287–88, 300–302, 303, 424, 426

and blame for Great Depression, 502

as center of international finance, 501

Churchill comments about, 239

and commercial/merchant banks, 31, 32, 77

Committee of Daily Waiting of, 78–79

Committee of the Treasury of, 304

control of, 78–80

Court/directors of, 24, 32–33, 78–80, 81, 82, 83, 167, 176, 304

creation of, 77

and Credit Anstalt problem, 404, 405, 406

currency issuance by, 11
n
, 155–56

and deflation, 161

and devaluation of pound, 489

embargo on foreign loans by, 210

and events leading to World War I, 24, 29, 30–31

Federal Reserve relations with, 132, 434

French gold reserves in, 252, 288, 379

and French-British relations, 411

functions of, 77–78, 176

and funding for war, 76–77, 80–82, 156

and German recovery, 195–97

gold reserves of, 4, 12, 30, 31, 44, 77, 81, 155–56, 160, 244, 288, 302, 320, 343–44, 376, 379, 424, 426, 430, 435, 502

and gold standard, 75
n
, 176, 220, 239, 288–89, 432

government’s relationship with, 80–82

governorship of, 8–9, 79, 81–82, 145–46

and Hatry case, 352, 353

headquarters of, 225, 295

impact of Great Depression on, 4

importance of, 2, 7, 240

independence of, 85

and interest rates, 161, 289, 341, 353, 371, 424

and J.P. Morgan, 426–27

and Keynes, 176, 237, 238, 429, 491

and Macmillan Committee, 371–73

and moratorium on reparations and war debt, 411

Norman as governor of, 139, 228

as Norman “mistress,” 224, 260

Norman portrait at, 370

and Polish loan, 287

powers of, 77–78

reaction to Great Crash by, 371–73, 376, 379

and “real bills” theory of credit, 80

and Reichsbank, 195

and Romania funding, 301

run on/withdrawals from, 30–31, 160, 429

special privileges of, 77

and stock market bubble, 320

Strong visit to, 92

suspension of gold payments by, 430–31

and U.S. loans to Britain, 227–29

U.S./New York Fed loans to, 4, 294, 424, 426

and war debts, 141

Bank for International Settlements (BIS), 336, 369, 382, 398, 404, 415, 418, 434, 488

Bank of United States (BUS), 4, 384–89, 391, 499

Bankers Trust Company, 45, 47, 51, 57–58, 59, 212, 355

Banking Commission (Occupied Belgium), 89–90

banks/bankers, U.S.

and bank holidays, 442, 443, 445, 447–48, 451–53, 455

closings of, 391, 445, 446, 451–53, 454

confidence in, 390–91, 462–63

congressional study of, 54

as consortium for loan to Great Britain, 428

as consortium to rescue stock market, 355–60

credit from, 390

and Dawes Plan, 283

failures of, 390–91, 435, 438, 442, 448

and German economy, 328–29

gold reserves of, 366, 435

image of, 440–41

panics in, 435, 444–47, 498, 499

reopening of, 455, 456

Roosevelt rescue package for, 453–56, 457

run on/withdrawals from, 51–52, 390–91, 436, 437, 438, 443, 503

stabilization of, 458–59

banks/banking system

and British departure from gold, 432

and characteristics of Great Depression, 497

and devaluation of dollar, 463

divisions within, 9–10

first panic in, 14

and lending to foreign governments, 209–10

optimism about duration of war by, 74–75

Banque d’Algérie et Tunisie, 61, 62, 67–68, 86–87, 247

Banque de France

Annual General Assembly of, 245

and Bank of England, 4, 244, 287–88, 300–302, 303, 424, 426

Banque d’Algérie compared with, 67

and blame for Great Depression, 502–3

and British departure from gold standard, 433

and British-French relations, 293, 435

and Caillaux, 248–50

conservatism of, 244

and Council of Regents, 244, 245–46, 250, 252, 254, 267–68

creation of, 84, 85

credibility of, 250

and currency policy, 85, 159, 267–69

divisiveness within, 265, 267–68

and exchange rate, 264

faux bilans
scandal involving, 241, 243–45, 248, 249, 253, 254

and foreign exchange, 293, 344

foreign loans for, 253

and French economic recovery, 286

and French-German relations, 330, 335

funding for war by, 87

and German economy, 416

and German invasion of France, 71–72

gold reserves of, 69–72, 244, 252–53, 261, 344, 345, 376, 378–79, 381, 383–84, 391, 435, 477

and gold standard, 159, 288–89

government’s relationship with, 84–86, 203, 241, 243–45, 247, 250, 253, 261, 381

governorship of, 9, 84, 244–45, 260–61

headquarters of, 245, 295

importance of, 7, 85, 246, 250, 344

independence of, 243, 247, 259

and interest rates, 371

Le Circulaire Bleu of, 70–71

Moreau named head of, 254

Moreau resignation from, 380–81, 486

Moret appointed head of, 381

Moret resignation from, 477

and Napoleonic wars, 84–86

and New York Fed, 300

and Norman pessimism about economy, 392

Norman visit to, 147

and Polish loan, 287

pounds/sterling at, 302, 339, 344, 345

as private institution, 244

reaction to Great Crash by, 371

and Romania funding, 301

run on/withdrawals from, 69–70, 85

Strong visit to, 92

and war debt, 261

during World War I, 246–47

and Young conference, 334, 335

Banque de Paris et Pays-Bas, 380–81, 486

Banque Turque pour le Commerce et l’Industrie, 423

Baring family, 10, 29, 30, 209–10, 244, 331

Baruch, Bernard, 106, 310–11, 342, 358, 462

Beaverbrook, Lord, 223, 230–31, 231
n
, 233, 237, 238, 431

Beer Hall Putsch, 184, 282, 395

Belgium

banking crisis in, 435

and Dawes Committee/Plan, 198, 199, 208, 401

destruction in, 100

and French-British relations, 301

German invasion/occupation of, 42, 71, 75, 89, 91

gold reserves of, 433–34

interest rates in, 341

Keynes study of, 115

and Paris Conference (1929), 328, 331

reconstruction of, 328

Berlin, Germany

communists in, 138

Dawes Committee meeting in, 206–7

at end of World War I, 101, 102

military control of, 42

Nazis in, 282

in 1920s, 180, 181

reactions to events leading to World War I in, 41–42

riots/violence in, 3–4, 138, 180, 282

social life in, 282

Bernanke, Ben, 171

Bethmann-Hollweg, Theobald von, 35–36

Birkenhead, Lord (F.E. Smith), 223, 237, 238

Bismarck, Otto von, 44, 88

Black Friday (1869), 360

“Black Friday” (Germany, 1927), 284

Black Monday (October 28, 1929), 356–57

Black Thursday (October 24, 1929), 354, 359, 369

Black Tuesday (October 29, 1929),
346
, 358, 360, 370

Bloomsbury circle, 112, 113–14, 165, 166, 229, 491

Boer War, 21, 26–27, 255

Bonaparte, Napoléon, 63, 84, 85, 86, 160, 210, 246, 266, 393

Bonar Law, Andrew, 141, 143–44, 221

Bonnet, Georges, 252, 468

Bracken, Brendan, 223, 238

Bradbury, John, 160, 234

Brett, Reginald (Lord Esher), 21–22

Bretton Woods Conference, 494–96

Briand, Aristide, 411, 416

broker loans, 274–75, 299, 323–24, 343, 353, 360

Brown Brothers, 10, 24, 26, 32, 83, 136

Brown Shipley, 23, 24, 27, 29, 32, 78, 82, 83

Brüning, Heinrich, 4, 399–400, 401, 408–9, 479

Bullion Committee (Great Britain), 160

Caillaux, Henriette Claretie, 63, 68–69, 86, 248

Caillaux, Joseph, 61, 62, 63, 65, 69, 86, 248–51, 254, 263, 267

Canada, 1, 5, 6, 19, 81, 221, 236, 341, 410, 425, 430–31, 432

central banks/bankers

and attempts to rescue German economy, 418