Think of Britain, whose people have long been the world's bankers, as a bank in itself. What happened last week, what has been happening since June, was a run on that bank, which could not be stopped. Britain the Bank, with great resources in goodwill and foreign investments,* did not have the gold to meet the cash demands of her international depositors. While there still was enough gold in the vaults to assure the Government's foreign obligations, the directors, otherwise the National Cabinet of Ramsay MacDonald, refused to pay out gold to...
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