Liaquat Ahamed Quotes

the gold standard was incapable of preventing the sort of financial booms and busts that were, and continue to be, such a feature of the economic landscape. These bubbles and crises seem to be deep-rooted in human nature and inherent to the capitalist system. By one count there have been sixty different crises since the early seventeenth century - the first documented bank panic can, however, be dated to A.D. 33 when the Emperor Tiberius had to inject one million gold pieces of public money into the Roman financial system to keep it from collapsing.

Nothing brings home the fragility of the banking system or the potency of a financial crisis more vividly than writing about these issues from the eye of the storm. Watching the world's central bankers and finance officials grappling with the current situation - trying one thing after another to restore confidence, throwing everything they can at the problem, coping daily with unexpected and startling shifts in market sentiment - reinforces the lesson that there is no magic bullet or simple formula for dealing with financial panics.

To be the governor of the Bank of England in the nineteenth and early twentieth century was therefore not a mark of any particular merit, but merely a sign of the right pedigree, patience, longevity, and the luxury of having a sufficiently profitable business with partners willing to let one take four years' leave.

At this point, with a financial crisis looming, Lord Revelstoke saved the day by suddenly dropping dead.

it was obviously the best thing to do if both Britain and France were against it. After

It is an absurd and silly notion that international credit must be limited to the quantity of gold dug up out of the ground. Was there ever such mumbo-jumbo among sensible and reasonable men?

All, however, shared a common pattern: an eerily similar cycle from greed to fear.