recentpopularlog in

Copy this bookmark:





to read

bookmark detail

On the money: a history of the Bank of England
SEPTEMBER 1, 2017 by: John Plender, the FT columnist and author of ‘Capitalism: Money, Morals and Markets’ (Biteback)

Till Time’s Last Sand: A History of the Bank of England 1694-2013, by David Kynaston, Bloomsbury £35, 896 pages
An enduring theme is the friction that existed from the outset between the Bank and its main client, the government. The Bank’s original charter was granted so that it could provide finance for the Nine Years’ War against France. On each renewal, the terms were the subject of much haggling and in the interim the Bank was constantly pressed to advance more money than it felt prudent. ....Another constant theme is forgery and fraud, with some of the Bank’s most senior employees being caught with their fingers in the till. In marked contrast to today’s post-crisis financial world, punishment was harsh. Many miscreants were hanged at Tyburn while the lucky ones were condemned to transportation.

As the 19th century progresses, Kynaston’s story turns increasingly on the issue that preoccupied great Victorian writers on monetary policy such as Henry Thornton and Walter Bagehot: how to reconcile adherence to the gold standard with financial stability. Numerous financial crises, including those surrounding the rescue of Barings and the collapse of Overend Gurney and the City of Glasgow Bank, are retold here with panache.
Bank_of_England  history  central_banks  book_reviews  books  monetary_policy  slavery  Walter_Bagehot  financial_history  19th_century  Victorian  financial_crises 
september 2017 by jerryking
view in context