chapter  VIII
14 Pages

Errors and Omissions

WE have seen in the previous chapters that fundamental factors working against the stability of sterling made the suspension of the gold standard inevitable. No human being was able to foresee the development of such an unprecedented situation, and even if they had been able to foresee it, it is doubtful whether much could have been done to prevent it. For this reason the criticism directed against the British monetary authorities and banking interests for having failed to prevent the crisis is largely exaggerated. It is highly improbable that any of those who indulge in criticizing our monetary authorities could have done better had they been in a responsible position.