Lords of Finance

Lords of Finance: The Bankers Who Broke the World is a nonfiction book by Liaquat Ahamed about events leading up to and culminating in the Great Depression as told through the personal histories of the heads of the Central Banks of the world's four major economies at the time: Benjamin Strong Jr. of the New York Federal Reserve, Montagu Norman of the Bank of England, Émile Moreau of the Banque de France, and Hjalmar Schacht of the Reichsbank.

"Mr. Ahamed’s opinions are made very clear (the Paris Peace Conference’s plan for Germany to pay war reparations is presented as a great blunder), but his overriding idea is that blame cannot be easily assigned: not even the most sophisticated economists of the era could accurately predict disaster, let alone guard against it.

"[2] He also stated that "[b]ecause much of the book concerns decisions...to raise or lower interest rates, you need great characters to pull the story along, and Ahamed not only has them but also knows how to make them come alive.

"[2] Robert Peston at the Sunday Times stated that Liaquat Ahamed "provides a compelling and convincing narrative of bungling, tortured bankers vainly trying to reconcile their conflicting duties to their countries and to the global economy.

The quartet were dealt an unwinnable hand, in the unsustainable burden of debt heaped on Germany after the first world war in the form of reparations, and the corresponding amounts owed to the US by Britain and France.