Britain: Protector of the Pound

The Governor of the Bank of England is both the country's fiscal conscience and one of the most important subjects in the realm. So powerful can the post be that one governor, Montagu Norman, almost singlehanded brought down the Labor government in 1931 by publicly criticizing its extravagant policies. Since then, little love has been lost between Labor's leaders and the Old Lady of Threadneedle Street. Last week the bank's current governor, George Rowland Stanley Baring, the third Earl of Cromer, stirred Britain and shocked Labor with the sternest public lecture on...

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