The titles we have chosen for this part and this chapter must appear trite or even ‘over-dramatic’ to those of the current generation. However, the year 1914, and the ensuing holocaust of war, did indeed mark the end of an entire political and economic system in the European world as empires crumbled and the map of Europe was re-drawn. Not so many, however, might realise that the monetary and banking systems of that world which had, by the year 1914, reached a peak of efficiency were to collapse into confusion and chaos. It is in this context that these titles are appropriate.
KeywordsBanking System Federal Reserve Foreign Currency Saving Bank Swiss Franc
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- 16.Friedman and Schwartz, A Monetary History of the United States, (VBER, Princeton University Press, 1963) Princeton, NJ, p. 219.Google Scholar