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1 results

  • 14 - Anxiety within Germany at Climax (July 11–July 23)

  • Per H. Hansen, Copenhagen Business School
  • Book:
    There Will Be the Devil to Pay
    Published online:
    21 December 2024
    Print publication:
    09 January 2025, pp 256-280

  • Summary

    Chapter 14, Aqnxiety within Germany at climax (July 11 - July 23). In this chapter tension reaches its climax as the Darmstädter und Nationalbank (Danatbank) fails on July 13. Without help from outside of Germany, the German government declares a bank holiday and introduces exchange controls, effectively ending the gold standard in Germany. The New York Fed and Harrison declines to intervene and the BIS does not have the resources or the inclination to intervene. Norman’s position that the situation goes back to the Versaille Peace agreement and is now a matter for governments strengthens. A conference in London is unable to come up with new solutions and meanwhile sterling comes under pressure. The fear of contagion beginning in early May is now a reality.