There Will Be the Devil to Pay Book contents
- There Will Be the Devil to Pay
- Studies in Macroeconomic History
- There Will Be the Devil to Pay
- Copyright page
- Contents
- Frontispiece
- 1 Introduction
- 2 Central Bankers and Their World
- 3 Preparing for Crisis (May 11–May 19)
- 4 Foreign Creditors (May 16–May 25)
- 5 Moratorium or Guarantee? (May 25–May 27)
- 6 Guarantee at Last? (May 26–June 1)
- 7 Releasing the BIS Credit (May 29–June 5)
- 8 Surrounded with Trouble (June 5–June 10)
- 9 Where and How to Place? (June 8–June 13)
- 10 A World Political Problem (June 11–June 16)
- 11 Francis Rodd Makes Sense – and a Plot (June 9–June 20)
- 12 To Act Now If We Are to Act at All (June 16–June 27)
- 13 Germany Will Collapse (June 19–July 10)
- 14 Anxiety within Germany at Climax (July 11–July 23)
- 15 Going Off the Gold Standard? (July 14–August 21)
- 16 We Must Not Fool Ourselves Now (August 21–September 17)
- 17 As for the Future of England (September 16–October 23)
- The End (2024)
- Timeline
- Actors in the 1931 Financial Crisis Archives
- Acknowledgements
- Archives
- Notes
- Bibliography
- Index
16 - We Must Not Fool Ourselves Now (August 21–September 17)
Published online by Cambridge University Press: 21 December 2024
- There Will Be the Devil to Pay
- Studies in Macroeconomic History
- There Will Be the Devil to Pay
- Copyright page
- Contents
- Frontispiece
- 1 Introduction
- 2 Central Bankers and Their World
- 3 Preparing for Crisis (May 11–May 19)
- 4 Foreign Creditors (May 16–May 25)
- 5 Moratorium or Guarantee? (May 25–May 27)
- 6 Guarantee at Last? (May 26–June 1)
- 7 Releasing the BIS Credit (May 29–June 5)
- 8 Surrounded with Trouble (June 5–June 10)
- 9 Where and How to Place? (June 8–June 13)
- 10 A World Political Problem (June 11–June 16)
- 11 Francis Rodd Makes Sense – and a Plot (June 9–June 20)
- 12 To Act Now If We Are to Act at All (June 16–June 27)
- 13 Germany Will Collapse (June 19–July 10)
- 14 Anxiety within Germany at Climax (July 11–July 23)
- 15 Going Off the Gold Standard? (July 14–August 21)
- 16 We Must Not Fool Ourselves Now (August 21–September 17)
- 17 As for the Future of England (September 16–October 23)
- The End (2024)
- Timeline
- Actors in the 1931 Financial Crisis Archives
- Acknowledgements
- Archives
- Notes
- Bibliography
- Index
Summary
Chapter 16, As for the future of England (August 21 - September 17). As the Banque de France and NY Fed loans to Bank of England are used, a French and US loan to the British government is contemplated and arranged through J.P. Morgan and with assistance from the NY Fed and Banque de France. The arrangement leads to the ’bankers’ ramp’ accusations and the relationship between Harrison and Harvey deteriorates. Harrison visits Norman who is unhappy with the Bank for England’s and Harvey’s actions and the decision to peg sterling to the US dollar at 4.86. J. P. Morgan also question the policy of the Bank of England and wonders why Harvey doesn’t raise the bank rate. Harvey seems to be focused on forcing the British government to cut the budget, adn the BIS argues that Great Britain is now the European country with the most serious financial conditions.
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- There Will Be the Devil to PayCentral Bankers, Uncertainty and Sensemaking in the European Financial Crisis of 1931, pp. 307 - 324Publisher: Cambridge University PressPrint publication year: 2025