When Washington Shut Down Wall Street The Great Financial Crisis of 1914 and the Origins of America Monetary Supremacy eBook William L Silber PDF ERK

When Washington Shut Down Wall Street The Great Financial Crisis of 1914 and the Origins of America Monetary Supremacy eBook William L Silber PDF MYT

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PDF When Washington Shut Down Wall Street The Great Financial Crisis of 1914 and the Origins of America Monetary Supremacy eBook William L Silber MYT

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When Washington Shut Down Wall Street unfolds like a mystery story. It traces Treasury Secretary William Gibbs McAdoo's triumph over a monetary crisis at the outbreak of World War I that threatened the United States with financial disaster. The biggest gold outflow in a generation imperiled America's ability to repay its debts abroad. Fear that the United States would abandon the gold standard sent the dollar plummeting on world markets. Without a central bank in the summer of 1914, the United States resembled a headless financial giant.

William McAdoo stepped in with courageous action, we read in Silber's gripping account. He shut the New York Stock Exchange for more than four months to prevent Europeans from selling their American securities and demanding gold in return. He smothered the country with emergency currency to prevent a replay of the bank runs that swept America in 1907. And he launched the United States as a world monetary power by honoring America's commitment to the gold standard. His actions provide a blueprint for crisis control that merits attention today. McAdoo's recipe emphasizes an exit strategy that allows policymakers to throttle a crisis while minimizing collateral damage.

When Washington Shut Down Wall Street recreates the drama of America's battle for financial credibility. McAdoo's accomplishments place him alongside Paul Volcker and Alan Greenspan as great American financial leaders. McAdoo, in fact, nursed the Federal Reserve into existence as the 1914 crisis waned and served as the first chairman of the Federal Reserve Board.

ebook,William L. Silber,When Washington Shut Down Wall Street The Great Financial Crisis of 1914 and the Origins of America's Monetary Supremacy,Princeton University Press,BUSINESS ECONOMICS / Economic History,BUSINESS ECONOMICS / Finance / General,BUSINESS ECONOMICS / Money Monetary Policy,BUSINESS ECONOMICS / Public Finance,Banking,Business Economics,Business / Economics / Finance,Business/Economics,Case studies,Currency crises,Currency crises;United States;Case studies.,Currency question,Currency question.,Economic financial crises disasters,Economic History,Economic theory philosophy,Economics, finance, business management,Finance,Monetary economics,Money Monetary Policy,Non-Fiction,Public finance,Scholarly/Undergraduate,UNIVERSITY PRESS,United States,World War, 1914-1918,World War, 1914-1918;Finance.,BUSINESS ECONOMICS / Economic History,BUSINESS ECONOMICS / Finance / General,BUSINESS ECONOMICS / Money Monetary Policy,BUSINESS ECONOMICS / Public Finance,Economic History,Finance,Money Monetary Policy,Business / Economics / Finance,Case studies,Currency crises,Currency question,United States,World War, 1914-1918,Business Economics,Business/Economics,Economic theory philosophy,Banking,Economic financial crises disasters

When Washington Shut Down Wall Street The Great Financial Crisis of 1914 and the Origins of America Monetary Supremacy eBook William L Silber Reviews :

When Washington Shut Down Wall Street unfolds like a mystery story. It traces Treasury Secretary William Gibbs McAdoo's triumph over a monetary crisis at the outbreak of World War I that threatened the United States with financial disaster. The biggest gold outflow in a generation imperiled America's ability to repay its debts abroad. Fear that the United States would abandon the gold standard sent the dollar plummeting on world markets. Without a central bank in the summer of 1914, the United States resembled a headless financial giant.

William McAdoo stepped in with courageous action, we read in Silber's gripping account. He shut the New York Stock Exchange for more than four months to prevent Europeans from selling their American securities and demanding gold in return. He smothered the country with emergency currency to prevent a replay of the bank runs that swept America in 1907. And he launched the United States as a world monetary power by honoring America's commitment to the gold standard. His actions provide a blueprint for crisis control that merits attention today. McAdoo's recipe emphasizes an exit strategy that allows policymakers to throttle a crisis while minimizing collateral damage.

When Washington Shut Down Wall Street recreates the drama of America's battle for financial credibility. McAdoo's accomplishments place him alongside Paul Volcker and Alan Greenspan as great American financial leaders. McAdoo, in fact, nursed the Federal Reserve into existence as the 1914 crisis waned and served as the first chairman of the Federal Reserve Board.

ebook,William L. Silber,When Washington Shut Down Wall Street The Great Financial Crisis of 1914 and the Origins of America's Monetary Supremacy,Princeton University Press,BUSINESS ECONOMICS / Economic History,BUSINESS ECONOMICS / Finance / General,BUSINESS ECONOMICS / Money Monetary Policy,BUSINESS ECONOMICS / Public Finance,Banking,Business Economics,Business / Economics / Finance,Business/Economics,Case studies,Currency crises,Currency crises;United States;Case studies.,Currency question,Currency question.,Economic financial crises disasters,Economic History,Economic theory philosophy,Economics, finance, business management,Finance,Monetary economics,Money Monetary Policy,Non-Fiction,Public finance,Scholarly/Undergraduate,UNIVERSITY PRESS,United States,World War, 1914-1918,World War, 1914-1918;Finance.,BUSINESS ECONOMICS / Economic History,BUSINESS ECONOMICS / Finance / General,BUSINESS ECONOMICS / Money Monetary Policy,BUSINESS ECONOMICS / Public Finance,Economic History,Finance,Money Monetary Policy,Business / Economics / Finance,Case studies,Currency crises,Currency question,United States,World War, 1914-1918,Business Economics,Business/Economics,Economic theory philosophy,Banking,Economic financial crises disasters

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Product details File Size 4102 KB Print Length 210 pages Publisher Princeton University Press (April 24, 2014) Publication Date April 24, 2014 Language English ASIN B00J0HCLBA

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