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There Will Be the Devil to Pay Published online by Cambridge University Press: 21 December 2024
Chapter 17, Exit (September 16 - October 23). In this chapter I follow the last few days before Britain leaves gold on September 21 after having exhausted the credits on the peg to the US dollar. The decision makes sterling decline by 20 per cent, which lead to massive losses not least for the Banque de France. J.P. Morgan is unhappy as well, seeing how the credits are gone with nothing to show for them. As Norman returns to Britain and the Bank, he is unhappy with the situation and Bank of England’s bad reputation following the devaluation. Rodd and Siepmann struggle to make sense of the situation, and Norman - some years later - expresses that it was all in vain. He was left ’a bitterly disappointed man.’ The narrative ends with this chapter.
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