"Britain has been conquered only twice in its history. The first time was by William the Norman in 1066 and the second by Montagu the Norman in 1931."

So cried Socialist Harold J. Laski in 1940. The British professor, making a routine denunciation of the Bank of England (much as a New Dealer attacks Wall Street), hoped then that "the reign of Montagu the Norman" would now "ebb peacefully to its close."

Four years later the reign ebbed. Last week, after a quarter of a century in which he dominated every move of the...

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