Lords of Finance: The Bankers Who Broke the World (Hardcover) ~ ... Cover Art

Lords of Finance: The Bankers Who Broke the World (Hardcover)

By: Liaquat Ahamed (Author)


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Review

"Ahamed has a compelling ability to package...universal truths within complex financial explanations, such as his description of how the real question each country faced in the 1920s was whether to deflate their prices or devalue their currencies."

"This is narrative history at its most vivid, an epic portrait of how the predecessors of Ben S. Bernanke, Jean-Claude Trichet, and Mervyn King helped shove economies into the abyss in 1929. The lessons to be gleaned are both spooky and reassuring, showing how today's dynamics both do and do not resemble what unfolded in that age of ocean liners and evening dress."

"[A] magisterial work....A grand, sweeping narrative of immense scope and power...."

"It's easy to be reminded, by all this, of more recent events. It's also easy to see history through the eyes of the present, and make people look stupid for not knowing what we know. Liaquat Ahamed has the imagination not to do that. While he makes clear the ways in which his protagonists were wrong, he doesn't judge them anachronistically. He shows just how hard it is to be right when one is confronted with new facts and unfamiliar developments.... [Ahamed's] book is informed by an awareness of how unprecedented events look at the time they are being lived through--an awareness that helps to make his book seem timely today."

"Mr. Ahamed, an investment manager who proves to be a writer of great verve and erudition, easily connects the dots between the economic crises that rocked the world during the years his book covers and the fiscal emergencies that beset us today."

Publisher's note

"Argues that the stock-market crash of 1929 and subsequent Depression era occurred as a result of poor decisions on the part of four bankers from England, France, New York, and Germany who jointly attempted to reconstruct international finance by reinstating the gold standard. 35,000 first printing."

Annotation

THE LORDS OF FINANCE profiles the four powerful, often stealthy central bankers that restructured the post-World War I global economy: Montagu Collet Norman, Benjamin Strong, Hjalmar Schacht, and Émile Moreau. This engrossing historical account chronicles their impact, along with that of influential economist John Maynard Keynes, and unravels the events that led to the Great Depression. While offering a colorful view of the real-world cast of characters, Liaquat Ahamed, investment adviser and former World Bank economist, also accessibly outlines the overwhelming complexity of such a financial crisis and the sometimes well-intentioned decisions along the way.



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