Book recommendation:
Lords of Finance: The Bankers Who Broke the World by Liaquat Ahamed. It is more interesting than the title, I think. It covers WW I, great depression, and the beginning of WW II, with a focus on monetary policy (gold standard, etc.), but also gives general political and economic background.
My main take-aways:
1. Things were slower. The Governor of the Bank of England wanted to confer with his counterpart in the US. So, he'd board a boat to the US anonymously, travel there over the course of several weeks, chat with his pal for a few weeks, and travel back for a few weeks.
2. Things are hard to predict (market collapse, inflation, fascists taking over your country). In particular, by the time it becomes clear that the threat is real, it is too late to protect yourself against it.
Lords of Finance: The Bankers Who Broke the World by Liaquat Ahamed. It is more interesting than the title, I think. It covers WW I, great depression, and the beginning of WW II, with a focus on monetary policy (gold standard, etc.), but also gives general political and economic background.
My main take-aways:
1. Things were slower. The Governor of the Bank of England wanted to confer with his counterpart in the US. So, he'd board a boat to the US anonymously, travel there over the course of several weeks, chat with his pal for a few weeks, and travel back for a few weeks.
2. Things are hard to predict (market collapse, inflation, fascists taking over your country). In particular, by the time it becomes clear that the threat is real, it is too late to protect yourself against it.