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Article: Blind spots; Central bankers in history.(Lords of Finance: The Bankers Who Broke the World)(Book review)
- Article from:
- The Economist (US)
- Article date:
- January 10, 2009
CopyrightCOPYRIGHT 2009 Economist Newspaper Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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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 ...