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There Will Be the Devil to Pay Published online by Cambridge University Press: 21 December 2024
In chapter 15, Going off the gold standard? (July 14 - August 21) attention shifts to Great Britain and the weakness of sterling. As pressure on sterling increases, Norman fall sick with ’stress’ and he has to take leave of absence from the bank in late July, only to return after Britain has left gold on September 21, 1931. With Norman out of the picture, his deputy Ernest Harvey takes over as the Banque de France and the New York Fed arrange a $200 million credit to the Bank of England. Tensions arise between Harvey on the one hand and Clément Moret (Banque de France) and Harrison on the other, about the use of the credit. The weakening of sterling continues and in late August, Harry Siepmann writes an ominous note discussing the consequences of Great Britain leaving gold.
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