2 - Central Bankers and Their World

Summary

In chapter 2, central bankers and their world, I first present the most important protagonists and a few other actors. They include Montagu Norman and Harry Siepmann of Bank of England, George L. Harrison of the Federal Reserve Bank of New York and Francis Rodd of the Bank for International Settlements. I discuss their background and worldview as they were headed into the 1931 crisis. Having presented these main actors and a few others, I proceed to present their world and how they saw it in 1930 and early 1931. The world was already in the midst of the great depression and private bankers as well as central bankers and other decision-makers were aware that they were dealing with crisis and radical uncertainty that might bring about the end of the gold standard and capitalism. I discuss the actors view of the "present world depression" and how they viewed the gold standard and their options as they got ready for trying to save the world from economic disaster.