Lords of Finance: The Bankers Who Broke the World

This did not turn out to be the book I thought I had ordered, but it proved a compelling read nonetheless. I thought I would get a book the explained the "springs and levers" that connected the Wall Street crash to bank failures to the depression. This was not made clear, and in hindsight it Is clear this book is aimed at a reader more knowledgeable in macroeconomic matters than I am. Nevertheless, it is a fascinating book, extremely well written ( if not extremely well proofed) and very approachable even if you don't understand clearly some of the cause/effect relationships it talks about. Essentially it is a history of central banking and the growth of the effects of the Gold Standard during the inter war years, told through the roles played by the 4 chief protagonists, the Governors of the central banks of U.K., Germany, France and the New York Fed. Maynard Keynes features prominently and is shown as a key player in the increasing awareness of the limitations of the gold standard. The story focuses on the struggles of these four Governors in trying to deal with the fallout of the post-war reparations imposed on Germany, and the near-bankruptcy of both the UK and French governments during the depression. The US suffered enormously from the post-crash depression, but I never realised just how much it profited from the Allies from its war loans, to the extent that I can't help suspecting that the US took deliberTe action to accelerate the demise of the British Empire to impose its own hegemony. The French national stereotypes are played out again, both in its negotiations of the Reparations and its refusal to countenance meaningful reductions in the face of evidence that Germany would be unable to pay (consider that in today's terms relative to the size of the German Economy, reparations amounted to $2.4 trillion dollars !). The French position on Brexit negotiations (no discussion on Trade without settlement of the "divorce bill") came to mind several times as I read this book. Anyone looking for a history of the growth of the role and expertise of Central Banks will find this a very useful read. Equally, it presents a very readable history of the main characters, especially the governor of the Central Banks and New York Fed, but also of the roles of FDR, Herbert Hoover and Winston Churchill, as well as John Maynard Keynes in this seminal period in Western economic history. A great read.

Dieses Buch lässt sich sehr leicht und schnell lesen, fast wie einen Roman. Der Hauptfocus ist auf die 4 Gentlemen auf dem Cover, diejenigen die Angeblich die Welt zu Great Depression geführt haben. In Wirklichkeit waren diese 4 "Negative Figuren" durchaus kompetente Personen, die aber ein Großen Fehler gemacht haben: Zu glauben das Stabilität und Berechenbarkeit das allerwichtigste für die Wirtschaft sei. Ich hoffe, dass dieses Buch nützlich sein kann, für diejenigen die heutzutage auch um jeden Preis dem "Harten Kurs" verteidigen. Ist aber auf jeden Fall nützlich, für all diejenigen, die einfach wissen wollen, was damals passiert ist und wie man zu "Great Depression" kam.

Really well written. Felt almost like a fiction novel because it was so easy and enjoyable to read compared to most books on financial history. 10/10 would recommend if you want to know more about the Great Depression and the origins of our current financial system.

Excellent ouvrage, assez facilement lisible, même sans compétence particulière en ce domaine. Centré sur les gouverneurs de banques centrales française, anglaise, allemande et américaine, le livre donne un éclairage remarquable sur l'environnement économique et financier de cette période, dans le monde et particulièrement en Allemagne, débouchant sur la crise des années 30 et la montée du nazisme. L'auteur attribue des bons et des mauvais points à chacun des 4 gouverneurs. Sont-ils mérités ? D'autres gouverneurs auraient-ils pu éviter l'arrivée de ces drames ? Le rôle des politiques n'a-t-il pas été au moins aussi important ? A lire maintenant, en anglais ou en français, pour prendre du recul sur la situation actuelle.

Very well detailed. Nice reading. A recommended one.