I picked up this book from a bookstore in mid valley, Kuala Lumpur during one of our short getaways. Being an avid follower of financial history, I hope this book will be give me a better understanding of the causes for the Great Depression. The Lords that the book are referring to are mainly the central bankers of that era and they are Montagu Norman (U.K.), Benjamin Strong ( U.S.), Hjalmar Schacht (Germany) and Emile Moreau (France).

During those days, they are still on a gold standard and so it restrict the flexibility they will have in implementing policies during extreme scenarios. Moreover, all the european major economies were in debt to the US due to the war expenses. Some countries did break away from the gold standard and they fare better than those who stick on to it.

There are also quantitative easing of their kind during those turbulent period which I guess ...