Article: Blind spots; Central bankers in history.(Lords of Finance: The Bankers Who Broke the World)(Book review)

The central bankers of the Great Depression were obsessed with a single idea, rather like their successors today

CENTRAL bankers were compelling figures in the 1920s, not least because they preferred to operate in secret. The cloak was peculiarly attractive to Sir Montagu Norman, governor of the Bank of England (pictured above, right), who adopted a false identity when he travelled, though this sometimes attracted attention rather than deflecting it. Asked for his reasons for promoting a policy, Norman replied: "I don't have reasons. I have instincts." Benjamin Strong, Norman's principal collaborator, ran the Federal Reserve Bank of New York, which was ...

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