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Home | Mises Library | Review of <i>When Washington Shut Down Wall Street: The Great Financial Crisis of 1914 and the Origins of America's Monetary Supremacy</i>. by William L. Silber

Review of When Washington Shut Down Wall Street: The Great Financial Crisis of 1914 and the Origins of America's Monetary Supremacy. by William L. Silber

  • The Quarterly Journal of Austrian Economics
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Tags Booms and BustsBusiness Cycles

07/30/2014Greg Kaza

Volume 10, No. 4 (2007)

 

At the beginning of World War I, the US Treasury secretary closed the New York Stock Exchange to stop the sale of dollar-denominated securities. Then, as chairman of the Federal Reserve Board he embraced the "Too Big to Fail" doctrine orchestrating a bailout of New York banks by flooding the nation with paper currency. This pragmatic future Senator was also a major beneficiary of one of the greatest banking enterprises in America.

 

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Cite This Article

Kaza, Greg. "Review of When Washington Shut Down Wall Street: The Great Financial Crisis of 1914 and the Origins of America's Monetary Supremacy by William L. Silber." The Quarterly Journal of Austrian Economics 10, No. 4 (2007): 333–337.

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