Chapter 11. Wall Street’s World Reserve Currency
The war wrecked European finance and opened the door for the dollar to displace the pound. Patrick Newman follows Thomas Lamont and Paul Warburg’s ambitions for an imperial banking system, the Federal Reserve’s first inflationary boom and bust in the Depression of 1920 to 1921, and the 1920s high tide of the “Money Lords,” when Benjamin Strong’s easy money reshaped monetary systems across Europe and Latin America.
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