ABSTRACT

First published in 1933, this book looks at the key events relating to the fluctuations of sterling that surrounded the suspension of the gold standard in September 1931. It explores the idea that monetary authorities receive more recognition and admiration for their work from those abroad than those at home, whether well deserved or not. Indeed, after the economic episodes of September 1931, many people on the Continent regarded everything that happened to the pound as being the result of a carefully planned and executed monetary policy. Here, the author argues that the praise of British authorities from abroad was undeserved and that in actual fact, the behaviours of the monetary authorities in the aftermath of September 1931 were unsophisticated. This book describes the events following the pound’s collapse as having all the ups and downs of a comedy.

part |138 pages

The Comedy of the Pound

chapter Chapter I|16 pages

Introductory

chapter Chapter II|11 pages

The Collapse of the Pound

chapter Chapter III|15 pages

The Flight from the Pound

chapter Chapter IV|11 pages

The First Climax

chapter Chapter V|12 pages

The Triumph of the Pound

chapter Chapter VI|10 pages

The Flight to the Pound

chapter Chapter VII|12 pages

A Fatal Mistake

chapter Chapter VIII|9 pages

The Exchange Equalization Fund

chapter Chapter IX|13 pages

The Conversion Operation

chapter Chapter X|11 pages

The Second Climax

chapter Chapter XI|9 pages

The Second Recovery

chapter Chapter XII|9 pages

Conclusion