Lords of Finance
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71 The next day, a Sunday: Clarke, Paris Waits, 65-67, and “Un Avion Allemand Sur Paris,” Le Figaro, August 31, 1914.
71 Few people: Lucien Klotz, “Mes Souvenirs du Temps de Guerre,” Le Journal, December 14, 1922, and Gaston-Breton, Sauvez L’Or, 28.
6: MONEY GENERALS
73 “Endless money”: Cicero quote from Bartlett’s Familiar Quotations, 91.
73 “the amounts of coin”: Quoted in Blainey, The Causes of War, 215.
74 “unlimited issue of paper”: Charles A. Conant, “How Financial Europe Prepared for the Great War,” New York Times, August 30, 1914.
74 Sir Felix Schuster: Stone, World War One, 30.
74 “he was quite certain”: Ferguson, The Pity of War, 319, and Bell, Old Friends, 45.
74 That same month: Strachan, First World War, 816.
74 The Hungarian finance minister: Stone, World War One, 30.
75 By then the five major powers: “Fifty Billions Cost of War Up To Date.” New York Times, July 30, 1916.
79 “quiet serious men”: Bagehot, Lombard Street, 156.
79 “a shifting executive”: Bagehot, Lombard Street, 157.
80 An economist of the 1920s: Hawtrey, Art of Central Banking, 246-47.
81 “very, very considerable”: Cyril Asquith quoting Keynes in Jackson, The Oxford Book of Money, 46.
81 “take over the Bank”: Sayers, The Bank of England, 105.
81-82 “to accept my unreserved apology”: Sayers, The Bank of England, 107.
83 “There goes that queer-looking fish”: Boyle, Montagu Norman, 105.
84 “into the most holy recesses”: Brogan, France Under the Republic, 115.
85 The Banque opened its doors: Stephane Lausanne. “The Bank of France,” Banker, August 1926, 93.
86 “The Banque does not belong”: Valance, La Legende du Franc, 167.
86 Indeed, Caillaux made things: Gunther, Inside Europe, 145.
88 “Obedience and subordination”: Feldman, The Great Disorder, 795.
88 Convinced like everyone else: Hjalmar, Schacht. “Bemerkungen über die Art und Weise der vorassichtlichen Kriegsentschädgung Frankreichs an Deutschland,” August 26, 1914, in Bundesarchiv Koblenz, Nachlass Schacht, Nr. 1.
90 “insincere replies to the questions”: Mühlen, Schacht: Hitler’s Magician, 9.
90 But even Schacht: Testimony of Wilhelm Volcke on May 3, 1946, in Trial of Major War Criminals Before the International Military Tribunal.
90 Rumors circulated that he had embezzled: For example, the entry for “Schacht, Hjalmar Horace Greeley” in Current Biography 1944, 594-97, includes the following passage: “With the endorsement of the military government he issued several millions of counterfeited banknotes to pay for supplies bought from the Belgians but Berlin authorities became suspicious when he never accounted for the bulk of this money. Also accused of having seen to it that his banking connections profited from his knowledge of Government secrets. . . .”
94 On one occasion: “Vote for Trenches in Central Park over Protests,” New York Times, March 23, 1918.
94 To kick off another campaign: “Wilson to Make War Speech Here in Drive for Loan,” New York Times, September 26, 1918.
7: DEMENTED INSPIRATIONS