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275 the only man who emerged : Keynes, Collected Writings: The Economic Con-
sequences, 2: 174, n.1.
275 Secretary of Commerce : Schlesinger Jr. The Crisis of the Old Order, 84.
276 a mental annex : Hoover, Memoirs, 9.
276 May it not be the case : Strong memorandum to Carl Snyder, May 21, 1925, quoted
in Chandler, Benjamin Strong, 428.
277 Must we accept parenthood : Strong memorandum to Carl Snyder, May 21, 1925,
quoted in Chandler, Benjamin Strong, 428.
277 affairs of gamblers : Letter from Strong to Governor George Norris, August 18, 1927,
quoted in Chandler, Benjamin Strong, 444.
277 It seems a shame : Letter from Strong to Norman, November 7, 1925, quoted in
Chandler, Benjamin Strong, 329.
280 tactic of consulting everyone : James, The Reichsbank, 26.
280 He looked upon the world : Bonn, Wandering Scholar, 303.
281 infatuated by Dr. Schacht : Bennett, Germany and the Diplomacy of the Financial
Crisis, 127, and Vansittart, The Mist Procession, 301.
281 He is undoubtedly : Letter from Strong to Peter Jay, July 20, 1926, quoted in Chand-
ler, Benjamin Strong, 333.
281 his salary was the equivalent: Kopper, Hjalmar Schacht, 86.
281 ugly clown mask, vigilant watch : Dodd, Through Embassy Eyes, 234.
282 he dresses with the taste : Johannes, Steel. The Ambitious Dr. Schacht, Current
History, June 1934, 285-90.
282 cutting and devastating humor : Dodd, Through Embassy Eyes, 234.
282 a whole table enthralled : Aga Khan, Memoirs, 337.
282 Life seemed more free : Shirer, The Rise and Fall of the Third Reich, 118.
282 jewel-like sparkle : Large, Berlin, 211.
282 You feel all the time : Boyle, Montagu Norman, 167.
283 The recovery was reflected in the stock market: Voth, With a Bang, Not a Whimper.
one small town in Bavaria: Frieden, Global Capitalism, 141.
284 He had hoped that: James, Europe Reborn, 112. a chimera : Voth, With a Bang, Not
a Whimper, 72.
285 not wish to have things seem too good : Letter from Pierre Jay to Strong, June 22,
1927, quoted in McNeil, American Money and the Weimar Republic, 152.
285 changeable and moody : Letter from Parker Gilbert to Strong, September 8, 1927,
quoted in McNeil, American Money and the Weimar Republic, 174.
285 irresponsibility and unpredictability, extreme and erratic : James, The Reichsbank,
61, and McNeil, American Money and the Weimar Republic, 180.
286 At a cabinet meeting: Stresemann diary entry, June 22, 1927, in Stresemann, Diaries,
Letters and Papers, 2.
287 made him smile : Bank of England, letter from Norman to Strong, November 23,
1925.
287 seem to be afraid of him : Letter from Strong to Pierre Jay, September 15, 1926,
quoted in Chandler, Benjamin Strong, 348.
287 imperialist dreams : Moreau, The Golden Franc, 220.
288 capricious, menace the gold standard : Norman cables to Strong, May 24 and 25,
1927, quoted in Clarke, Central Bank Cooperation, 117, n. 25.
289 he could not do so : Moreau, The Golden Franc, 295.
289 I do not want to trample : Moreau, The Golden Franc, 298.
15: UN PETIT COUP DE WHISKY
292 She had just landed a part: Actress a Suicide by Poison in Hotel, New York Times,
December 10, 1926, and Illness Drives 2 Women to Suicide in Hotels, Washington Post,
December 10, 1926.
294 In 1926, while Strong was in France: Wueschner, Charting Twentieth-Century Monet-
ary Policy, 125.
294 thoroughly enjoy getting into a fight : Interview with Leslie Rounds, Committee on the
History of the Federal Reserve System, Washington: Brookings Institution, 1954-55.
294 the constant sniping: Wueschner, Charting Twentieth-Century Monetary Policy, 123.
295 Over the years, each of the central banks: John, Brooks. Annals of Finance: In De-
fense of Sterling, New Yorker, May 23, 1968, 44.
297 closeted together : Sayers, The Bank of England, 339.
297 Norman dominated the proceedings: Interview with Mrs. Ogden Mills, Committee on
the History of the Federal Reserve System, Washington: Brookings Institution, 1954-55.
298 un petit coup de whisky : Banque de France, Charles Rist memorandum
Conversation du 1 au 7 Juillet, 1927 a New York et Washington; Charles, Rist. Notice Bio-
graphique, Review D Économie Politique. Nov-Dec 1955, 1006; and Sayers, The Bank of
England, 340.
298 courtesy calls : Entry for July 7, 1927: Hamlin diary, Volume 14, Library of Congress.
299 inflation of credit : Hoover, Memoirs, 11.
299 That man has offered me unsolicited advice : Schlesinger Jr., The Crisis of the Old
Order, 88.
299 Fobbing Hoover off: Hoover, Memoirs, 11.
300 the greatest and boldest operation : Robbins, The Great Depression, 53.
300 takes great interest : Manuscript Notes by the Governor on Benjamin Strong and on
Europe, 3-9 July 1927, reproduced as Appendix 17 in Sayers, The Bank of England, 2: 96-
100.
301 I had an important conversation : Moreau, The Golden Franc, 430-31.
302 intrigues to prevent France, ask Norman to choose : Moreau, The Golden Franc,
443, 445. to establish some sort of dictatorship : Letter from Strong to Walter Stewart, quoted
in Clay, Lord Norman, 265.
303 speculation on the stock market : Chicago Tribune, July 14, 1928.
303 most vehement language : Memorandum on Bank of England Bank of France Re-
lations, May 24, 1928, quoted in Chandler, Benjamin Strong, 417-18.
304 At one point, several frustrated senior directors: Letter from Siepmann to Steward, Ju-
ly 8, 1928, cited in Boyce, British Capitalism, 23, n. 69.
304 One moment he would be sunny : Boyle, Montagu Norman, 235.
304 How hard and how cruel : Chandler, Benjamin Strong, 472.
304 I am desolate and lonesome : Boyle, Montagu Norman, 238.
16: INTO THE VORTEX
307 At particular times: Bagehot, Edward Gibbon, National Review, January 1856, in
The Collected Works: Literary Essays, 352.
307 stocks could be beat : The Magnet of Dancing Stock Prices, New York Times,
March 24, 1929.
308 The bubble began: Acampora, The Fourth Mega-Market, 129.
309 The old-timers : The Magnet of Dancing Stock Prices, New York Times, March 24,
1929.
310 You could talk about Prohibition : Cockburn, In Time of Trouble, quoted in Brooks,
Once in Golconda, 82.
310 Anyone trying to throw doubt: Noyes, The Market Place, 322.
310 As the crowd piling into the market: Charles, Merz. Bull Market, Harpers Monthly
Magazine, April 1929, 643.
310 bootblacks, household servants : Charles, Merz. Bull Market. Harpers Monthly
Magazine, April 1929, 643.
311 Taxi drivers told you what to buy : Baruch, The Public Year, 220.
311 When the time comes that a shoeshine boy : Goodwin, The Fitzgeralds and the
Kennedys, 488.
311 hard losers and naggers : Patterson, The Great Boom and Panic, 18.
311 Even the New York Times: The Army of Women Who Watch the Ticker, New York
Times, March 31, 1929.
312 Biggest of them was Billy Durant: Sparling, Mystery Men of Wall Street, 3-42.
312 History, which has a painful way : Warburg Assails Federal Reserve, New York
Times, March 8, 1929.
312 sandbagging American prosperity : Galbraith, The Great Crash, 77.
313 Monty and Ben sowed the wind : Chernow, The House of Morgan, 313.
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