Friday, February 12, 2010

Lords of Finance

Teddy Grenfell, the head of Morgan Grenfell, the House of Morgan's London arm, on Winston Churchill:
"We, and especially Norman, feel that the new Chancellor's cleverness, his almost uncanny brilliance, is a danger. At present, he is a willing pupil but the moment he thinks that he can stand on his own legs and believes that he understands economic questions he may, by some indiscretion, land us in trouble."
The book includes a marvellous passage describing how Churchill cut to the heart of the question of whether Britain should return to the Gold Standard. In fact, of course, he went against his better judgement, and disaster followed.

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