When Washington Shut Down Wall Street

The Great Financial Crisis of 1914 and the Origins of America's Monetary Supremacy

Business & Finance, Economics, Money & Monetary Policy, Finance & Investing, Finance
Cover of the book When Washington Shut Down Wall Street by William L. Silber, Princeton University Press
View on Amazon View on AbeBooks View on Kobo View on B.Depository View on eBay View on Walmart
Author: William L. Silber ISBN: 9781400851669
Publisher: Princeton University Press Publication: April 24, 2014
Imprint: Princeton University Press Language: English
Author: William L. Silber
ISBN: 9781400851669
Publisher: Princeton University Press
Publication: April 24, 2014
Imprint: Princeton University Press
Language: English

When Washington Shut Down Wall Street unfolds like a mystery story. It traces Treasury Secretary William Gibbs McAdoo's triumph over a monetary crisis at the outbreak of World War I that threatened the United States with financial disaster. The biggest gold outflow in a generation imperiled America's ability to repay its debts abroad. Fear that the United States would abandon the gold standard sent the dollar plummeting on world markets. Without a central bank in the summer of 1914, the United States resembled a headless financial giant.

William McAdoo stepped in with courageous action, we read in Silber's gripping account. He shut the New York Stock Exchange for more than four months to prevent Europeans from selling their American securities and demanding gold in return. He smothered the country with emergency currency to prevent a replay of the bank runs that swept America in 1907. And he launched the United States as a world monetary power by honoring America's commitment to the gold standard. His actions provide a blueprint for crisis control that merits attention today. McAdoo's recipe emphasizes an exit strategy that allows policymakers to throttle a crisis while minimizing collateral damage.

When Washington Shut Down Wall Street recreates the drama of America's battle for financial credibility. McAdoo's accomplishments place him alongside Paul Volcker and Alan Greenspan as great American financial leaders. McAdoo, in fact, nursed the Federal Reserve into existence as the 1914 crisis waned and served as the first chairman of the Federal Reserve Board.

View on Amazon View on AbeBooks View on Kobo View on B.Depository View on eBay View on Walmart

When Washington Shut Down Wall Street unfolds like a mystery story. It traces Treasury Secretary William Gibbs McAdoo's triumph over a monetary crisis at the outbreak of World War I that threatened the United States with financial disaster. The biggest gold outflow in a generation imperiled America's ability to repay its debts abroad. Fear that the United States would abandon the gold standard sent the dollar plummeting on world markets. Without a central bank in the summer of 1914, the United States resembled a headless financial giant.

William McAdoo stepped in with courageous action, we read in Silber's gripping account. He shut the New York Stock Exchange for more than four months to prevent Europeans from selling their American securities and demanding gold in return. He smothered the country with emergency currency to prevent a replay of the bank runs that swept America in 1907. And he launched the United States as a world monetary power by honoring America's commitment to the gold standard. His actions provide a blueprint for crisis control that merits attention today. McAdoo's recipe emphasizes an exit strategy that allows policymakers to throttle a crisis while minimizing collateral damage.

When Washington Shut Down Wall Street recreates the drama of America's battle for financial credibility. McAdoo's accomplishments place him alongside Paul Volcker and Alan Greenspan as great American financial leaders. McAdoo, in fact, nursed the Federal Reserve into existence as the 1914 crisis waned and served as the first chairman of the Federal Reserve Board.

More books from Princeton University Press

Cover of the book The Milky Way by William L. Silber
Cover of the book The Americas of Asian American Literature by William L. Silber
Cover of the book In the Beginning Was the Deed by William L. Silber
Cover of the book Competitive Solutions by William L. Silber
Cover of the book Regulating Aversion by William L. Silber
Cover of the book Exoplanet Atmospheres by William L. Silber
Cover of the book The Analytic Tradition in Philosophy, Volume 2 by William L. Silber
Cover of the book Mathematics in Nature by William L. Silber
Cover of the book Life among the Anthros and Other Essays by William L. Silber
Cover of the book An Einstein Encyclopedia by William L. Silber
Cover of the book Our Compelling Interests by William L. Silber
Cover of the book The Mathematics of Various Entertaining Subjects by William L. Silber
Cover of the book Dark Markets by William L. Silber
Cover of the book The Cosmic Web by William L. Silber
Cover of the book The Muslim Brotherhood by William L. Silber
We use our own "cookies" and third party cookies to improve services and to see statistical information. By using this website, you agree to our Privacy Policy