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
12 - To Act Now If We Are to Act at All (June 16–June 27)
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
In chapter 11, To act now if we are to act at all (June 16 - Jun 27) the relative calm in Austria is followed by increasing concern about Germany which looses foreign exchange. The Bank of England, the New York Fed, the Banque de France and the Bank for International Settlements arranges a $100 million credit to the Reichsbank. Meanwhile,on June 20, US President Herbert Hoover announces his plan for a one year moratorium, which is received positively in most of Europe, but not in France. George Harrison assumes a more active role in trying to defuse the concern about a breakdown in Europe, and he enters into dialogue with the Banque de France, which is more open to a solution than the French government. The chapter ends with some optimism that the Hoover proposal may have changed the situation in Europe.
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- There Will Be the Devil to PayCentral Bankers, Uncertainty and Sensemaking in the European Financial Crisis of 1931, pp. 204 - 230Publisher: Cambridge University PressPrint publication year: 2025