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When Washington Shut Down Wall Street: The Great Financial Crisis of 1914 and the Origins of America's Monetary Supremacy
William Silber 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. This work aims to recreate the drama of America's battle for financial credibility.
Paperback, 217 pages
Published July 1st 2008 by Princeton University Press
(first published January 2nd 2007)
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A remarkably in-depth look at a few months in 1914, which shows what strong financial leadership in a crisis can do to protect a nation's economy and its global standing.
The book begins by taking issue with the conventional interpretation of the longest shut-down of Wall Street in U.S. history, which began on July 31st, 1914 and lasted for almost four months. Most books that even mention it will claim it was done to stop a run on the stock market when war was breaking out in Europe. Silber shows ...more