There Will Be the Devil to Pay Book contents
- There Will Be the Devil to Pay
- Studies in Macroeconomic History
- There Will Be the Devil to Pay
- Copyright page
- Contents
- Frontispiece
- 1 Introduction
- 2 Central Bankers and Their World
- 3 Preparing for Crisis (May 11–May 19)
- 4 Foreign Creditors (May 16–May 25)
- 5 Moratorium or Guarantee? (May 25–May 27)
- 6 Guarantee at Last? (May 26–June 1)
- 7 Releasing the BIS Credit (May 29–June 5)
- 8 Surrounded with Trouble (June 5–June 10)
- 9 Where and How to Place? (June 8–June 13)
- 10 A World Political Problem (June 11–June 16)
- 11 Francis Rodd Makes Sense – and a Plot (June 9–June 20)
- 12 To Act Now If We Are to Act at All (June 16–June 27)
- 13 Germany Will Collapse (June 19–July 10)
- 14 Anxiety within Germany at Climax (July 11–July 23)
- 15 Going Off the Gold Standard? (July 14–August 21)
- 16 We Must Not Fool Ourselves Now (August 21–September 17)
- 17 As for the Future of England (September 16–October 23)
- The End (2024)
- Timeline
- Actors in the 1931 Financial Crisis Archives
- Acknowledgements
- Archives
- Notes
- Bibliography
- Index
8 - Surrounded with Trouble (June 5–June 10)
Published online by Cambridge University Press: 21 December 2024
- There Will Be the Devil to Pay
- Studies in Macroeconomic History
- There Will Be the Devil to Pay
- Copyright page
- Contents
- Frontispiece
- 1 Introduction
- 2 Central Bankers and Their World
- 3 Preparing for Crisis (May 11–May 19)
- 4 Foreign Creditors (May 16–May 25)
- 5 Moratorium or Guarantee? (May 25–May 27)
- 6 Guarantee at Last? (May 26–June 1)
- 7 Releasing the BIS Credit (May 29–June 5)
- 8 Surrounded with Trouble (June 5–June 10)
- 9 Where and How to Place? (June 8–June 13)
- 10 A World Political Problem (June 11–June 16)
- 11 Francis Rodd Makes Sense – and a Plot (June 9–June 20)
- 12 To Act Now If We Are to Act at All (June 16–June 27)
- 13 Germany Will Collapse (June 19–July 10)
- 14 Anxiety within Germany at Climax (July 11–July 23)
- 15 Going Off the Gold Standard? (July 14–August 21)
- 16 We Must Not Fool Ourselves Now (August 21–September 17)
- 17 As for the Future of England (September 16–October 23)
- The End (2024)
- Timeline
- Actors in the 1931 Financial Crisis Archives
- Acknowledgements
- Archives
- Notes
- Bibliography
- Index
Summary
Chapter 8, Surrounded with trouble (June 5 - June 10). The BIS board decides to grant a second credit to the BIS, but only after a prolonged discussion and it is made conditional on the placement of the Austrian government loan. There is increasing concern about the schilling as capital flows out of the country and the government issues take increasing priority, without being placed. At the same time, Germany’s reparations issues become ever more present as the German Chancellor Brüning meets with Prime Minister MacDonals at Chequers. Shortly before, Brüning published a statement saying that the burden on the German people has reached its limit. The international creditors too become increasingly nervous about the Austrian situation.
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- There Will Be the Devil to PayCentral Bankers, Uncertainty and Sensemaking in the European Financial Crisis of 1931, pp. 132 - 147Publisher: Cambridge University PressPrint publication year: 2025