Lords of Finance

In Lords of Finance, Pulitzer Prize-winning author Liaquat Ahamed explores the pivotal role that central bankers played in precipitating the Great Depression. Through the lives and decisions of key figures like Montagu Norman, Émile Moreau, Hjalmar Schacht, and Benjamin Strong, Ahamed reveals how their collective fear of inflation led them to a misguided adherence to the gold standard, initially creating an illusion of stability before the financial system collapsed. As he draws parallels to today's economic challenges, Ahamed emphasizes the lasting consequences of central banking decisions and the inherent risks involved in managing global finance.