When Washington Shut Down Wall Street
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A Monetary History of the United States
A01=William L. Silber
American Securities
Anna Schwartz
Annual report
Arbitrage
Author_William L. Silber
Bank
Bank of England
Bank run
Banknote
Board of directors
Capital market
Carter Glass
Category=KCZ
Category=KFF
Central bank
Chair of the Federal Reserve
Chairman
Chase Bank
Commercial paper
Comptroller
Credibility
Credit (finance)
Currency
Customer
Debt
Declaration of war
Deposit account
Dollar Price
Economist
eq_bestseller
eq_business-finance-law
eq_isMigrated=1
eq_isMigrated=2
eq_nobargain
eq_non-fiction
Exchange rate
Federal Reserve Bank
Federal Reserve Note
Finance
Financial crisis
Financial institution
Financier
Foreign exchange market
Gold as an investment
Gold certificate
Gold coin
Gold reserve
Government bond
Import
Insurance
Interest rate
Investor
J. P. Morgan
John Maynard Keynes
Legislation
Milton Friedman
National Bank Note
New York Clearing House
New York Stock Exchange
Panic of 1907
Payment
Pound sterling
Precious metal
Provision (accounting)
Receipt
Silver certificate (United States)
Stock exchange
Stock market
Supply (economics)
Tax
The New York Times
The Wall Street Journal
Trust company
Underwriting
United States Department of the Treasury
United States dollar
War risk insurance
Woodrow Wilson
Product details
- ISBN 9780691138763
- Weight: 312g
- Dimensions: 152 x 235mm
- Publication Date: 21 Jul 2008
- Publisher: Princeton University Press
- Publication City/Country: US
- Product Form: Paperback
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When Washington Shut Down Wall Street unfolds like a mystery story. It traces Treasury Secretary William Gibbs McAdoo's triumph over a monetary crisis at the outbreak of World War I that threatened the United States with financial disaster. The biggest gold outflow in a generation imperiled America's ability to repay its debts abroad. Fear that the United States would abandon the gold standard sent the dollar plummeting on world markets. Without a central bank in the summer of 1914, the United States resembled a headless financial giant. William McAdoo stepped in with courageous action, we read in Silber's gripping account. He shut the New York Stock Exchange for more than four months to prevent Europeans from selling their American securities and demanding gold in return. He smothered the country with emergency currency to prevent a replay of the bank runs that swept America in 1907. And he launched the United States as a world monetary power by honoring America's commitment to the gold standard. His actions provide a blueprint for crisis control that merits attention today.
McAdoo's recipe emphasizes an exit strategy that allows policymakers to throttle a crisis while minimizing collateral damage. When Washington Shut Down Wall Street recreates the drama of America's battle for financial credibility. McAdoo's accomplishments place him alongside Paul Volcker and Alan Greenspan as great American financial leaders. McAdoo, in fact, nursed the Federal Reserve into existence as the 1914 crisis waned and served as the first chairman of the Federal Reserve Board.
William L. Silber is Marcus Nadler Professor of Finance and Economics at the Stern School of Business, New York University. The author or editor of eight books, he has served as Senior Economist with the President's Council of Economic Advisors and as a member of the Economic Advisory Panel of the Federal Reserve Bank of New York.
