When Washington Shut Down Wall Street: The Great Financial Crisis of 1914 and the Origins of America's Monetary Supremacy / Edition 1

When Washington Shut Down Wall Street: The Great Financial Crisis of 1914 and the Origins of America's Monetary Supremacy / Edition 1

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by William L. Silber
     
 

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ISBN-10: 0691127476

ISBN-13: 9780691127477

Pub. Date: 01/02/2007

Publisher: Princeton University Press

When Washington Shut Down Wall Street traces Treasury Secretary William Gibbs McAdoo's triumph over a monetary crisis at the outbreak of World War I. McAdoo stepped in with courageous action and shut down the New York Stock Exchange for more than four months when fear that the United States would abandon the gold standard sent the dollar plummeting on world markets.

Overview

When Washington Shut Down Wall Street traces Treasury Secretary William Gibbs McAdoo's triumph over a monetary crisis at the outbreak of World War I. McAdoo stepped in with courageous action and shut down the New York Stock Exchange for more than four months when fear that the United States would abandon the gold standard sent the dollar plummeting on world markets. During this crucial time, he implemented an exit strategy that allowed policymakers to throttle the crisis while minimizing collateral damage, and helped launch the United States as a world monetary power. This gripping book re-creates America's battle for financial credibility and shows how McAdoo's actions, including his active role in the creation of the Federal Reserve, provide a blue-print for crisis control that merits attention even today.

About the Author:
William L. Silber is the Marcus Nadler Professor of Finance and Economics at the Stern School of Business, New York University

Product Details

ISBN-13:
9780691127477
Publisher:
Princeton University Press
Publication date:
01/02/2007
Pages:
240
Product dimensions:
6.40(w) x 9.30(h) x 1.00(d)

Table of Contents


Acknowledgments     xi
Introduction: The Legacy of 1914     1
The Opening Salvo     8
The European Gold Rush     26
The Nightmare of 1907     42
Unlocking Emergency Currency     66
Sterling Steals the Spotlight     86
New Street Defies McAdoo     104
Rescue     116
End Game     131
Birth of a Financial Superpower     151
Epilogue: Blueprint for Crisis Control     173
Notes     177
References     201
Index     207

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When Washington Shut Down Wall Street: The Great Financial Crisis of 1914 and the Origins of America's Monetary Supremacy 5 out of 5 based on 0 ratings. 1 reviews.
Guest More than 1 year ago
In Kazuo Ishiguro's novel The Remains of the Day, a blue-blood guest unmercifully grills James Stevens, the head butler at an English estate. The pompous guest is trying to demonstrate that uneducated people should not have the vote. 'My good man,' he asks, 'do you suppose the debt situation regarding America is a significant factor in the present low levels of trade? Or¿is the abandonment of the gold standard¿at the root of the matter?' Stevens, aware that the question is meant only to baffle him, replies that he has no idea. Poor Stevens! Anyone without a degree in international finance would have an equally difficult time answering such an abstruse question. That's why this intriguing business history book by William L. Silber is so worthwhile: He brings global finance to life by spotlighting America's 1914 money crisis and by explaining how then-U.S. Treasury Secretary William McAdoo used this portentous episode to establish the nation's financial supremacy. We suggest you read this illuminating work of economic history to understand the seminal events that established U.S. monetary policy.