The Western world owes an immense debt to its close-knit fraternity of central bankers. Within the space of eleven months, their informal collaboration has overcome the turmoil of British devaluation, an upheaval in France and a stampede for gold that culminated in the worst international money crisis since the 1930s. A serious slip at any crucial point along the line could have wrecked the wobbly system of international finance, bringing wholesale currency devaluations and economic chaos. Last week the bankers tried to stave off another incipient crisis almost before the world realized that there was one brewing.
The problem this time...
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