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.
Preface; 1. Introductory 2. The Collapse of the Pound 3. The Flight from the Pound 4. The First Climax 5. The Triumph of the Pound 6. The Flight to the Pound 7. A Fatal Mistake 8. The Exchange Equalization Fund 9. The Conversion Operation 10. The Second Climax 11. The Second Recovery 12. Conclusion; Appendix I: The Technique of Exchange Control; Appendix II: The Economics of Exchange Control; Appendix III: The Exchange Equalization Account
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