When you read history, you tend to read about historical events, about numbers, dates, and data. But it was people who drove those events, people making decisions on the basis of uncertain information, unknown consequences and frequently in the ‚fog of war. The opening quotation in Ahamed’s book is from Benjamin Disraeli: Read no history – nothing but biography, for that is life without theory. This perfectly sets the tone for what for me is one of the best treatments of the Great Depression I’ve ever read.
This account differs from others because it is told largely fromthe vantage points of the four central bankers of the four largest economies of the day: Benjamin Strong at the New York Fed, Hjalmar Schacht of the German Reichbank, Montagu Norman of the Bank of England, and Emile Moreau of the Banque de France. Continue reading “The Lords of Finance, by Liaquat Ahamed”