Europe's Century of Crises Under Dollar Hegemony: A Dialogue On The Global Tyranny of Unsound Money 1st Ed. Edition Brendan Brown

Europe's Century of Crises Under
Dollar Hegemony: A Dialogue on the

Global Tyranny of Unsound Money 1st
ed. Edition Brendan Brown
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EUROPE’S CENTURY
OF CRISES UNDER
DOLLAR HEGEMONY
A Dialogue on the
Global Tyranny
of Unsound Money
—
Brendan Brown
Philippe Simonnot
Europe's Century of Crises Under Dollar Hegemony
Brendan Brown • Philippe Simonnot
Europe's Century of
Crises Under Dollar
Hegemony
A Dialogue on the Global Tyranny
of Unsound Money
Brendan Brown Philippe Simonnot
Hudson Institute Paris, France
Washington, DC, USA
ISBN 978-3-030-46652-7 ISBN 978-3-030-46653-4 (eBook)

https://doi.org/10.1007/978-3-030-46653-4
© The Editor(s) (if applicable) and The Author(s), under exclusive licence to Springer Nature Switzerland AG 2020
This work is subject to copyright. All rights are solely and exclusively licensed by the Publisher, whether the
whole or part of the material is concerned, specifically the rights of translation, reprinting, reuse of illustrations,
recitation, broadcasting, reproduction on microfilms or in any other physical way, and transmission or informa-
tion storage and retrieval, electronic adaptation, computer software, or by similar or dissimilar methodology
now known or hereafter developed.
The use of general descriptive names, registered names, trademarks, service marks, etc. in this publication does
not imply, even in the absence of a specific statement, that such names are exempt from the relevant protective
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The publisher, the authors and the editors are safe to assume that the advice and information in this book are
believed to be true and accurate at the date of publication. Neither the publisher nor the authors or the editors
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This Palgrave Macmillan imprint is published by the registered company Springer Nature Switzerland AG.
The registered company address is: Gewerbestrasse 11, 6330 Cham, Switzerland
In memory of Irene Brown
Brendan Brown
To Marie Solies
Philippe Simonnot
Invitation to Our French-Speaking Readers
ow to Access the Original French Content

H
of This Book
If you would like to read the questions and conclusion by Philippe Simonnot
in his original French, these can be found in the Appendices at the end of the
book. These are also available to download on SpringerLink.
Brendan Brown
Philippe Simonnot
vii
Acknowledgments
The inspirator and creator of this dialogue is Philippe Simonnot.

Little did I know when he wrote to me two years ago saying that he would
like to work on introducing my ideas to the French-speaking public that we
would progress to a multi-year dialogue which then was to take the form of
the present book. Throughout this process, his questions to me have been a
continuous source of thinking and rethinking about sound money and how
to get there from the present highly unsound monetary regime. We have a
mutual passion for understanding financial history and its political or geo-
political links. Philippe has been the catalyst to my re-focusing on the dilem-
mas of the present European monetary situation, more than a decade on from
the collapse of any hard money possibility for the euro in its present form. The
proposals in our dialogue for a new euro are truly a joint creation.
Along the way I have gained tremendously from my continuous dialogue
with Robert Pringle and acknowledge his work in reading and editing the
introductory essay. Key ideas on how to anchor sound money only developed
here in consequence of our work together over many years.
PJ Johnson, who has immersed himself for so long with such enthusiasm in
promoting and navigating my work around its core ideas whilst treading so
gently on the idealism behind it, has read and made painstaking
recommendations.
Alex Pollock has provided invaluable insights which I use (hopefully with
due attribution) in my thinking and writing about this subject and I acknowl-
edge his great contribution to drawing up our project at the start.
Joseph Salerno at Mises Institute has been hugely important to my work in
providing encouragement and feedback at crucial points. I acknowledge the
ix
x Acknowledgments
continuous support there of Ryan McMaken who edits my regular contribu-

tions to Mises Wire.
I graciously acknowledge the cooperation of Hudson Institute and their
making introductions around the Hill so that I could pursue and develop
some of the key themes in this dialogue.
Tula Weis, my editor, has given me huge encouragement from the day I
first communicated with her about my dialogue with Philippe, whilst keeping
us within the path of journeying as far as possible into the reading public.
Brendan Brown
Contents
Part I Introduction 1
1 The Tyranny of Unsound Money 3

How to Judge Monetary Soundness 4
Sound and Unsound Exits from the False Dawn of Monetarism 5
US Hegemon Leads World Down Unsound Path 7
Prices Are Not Stable Under Sound Money 8
Crucial Evidence from the 1920s 10
The Fallacies of Interest Rate Policy 11
Asset Inflation: Ignored by Monetarists and Keynesians 13
Two Percent Inflation Standard, Monetary Repression Tax and
Monopoly 14
Malinvestment and Over-Rapid Digitalization 16
Could Europe Turn Against the Unsound Dollar Hegemon? 17
References 19
Part II Dialogue 21
2 Phobia of Deflation 23
Question 1 23
Question 2 24
References 25
xi
xii Contents
3 The Great War and the End of the Gold Standard 27

Question 3 27
Observation 30
References 30
4 From Birth of Dollar Hegemony Towards the 1929 Crisis 33

Question 4 33
Question 4, Part 2 34
References 48
5 Explaining 1929 51
Question 5 51
References 57
6 How Gold Financed Nazi Germany 59

Question 6 59
Comment 60
References 60
7 Bretton Woods: The False Gold Standard 61

Question 7 61
Question 8 63
Reference 64
8 The Strategic Choice for Germany 65

Question 9 65
Reference 67
9 For or Against Friedman 69

Question 10 69
Question 11 70
References 75
Contents xiii
10 How the Euro Was Born 77

Question 12 77
Question 13a 78
Question 13b 79
Question 13c 80
References 81
11 Trichet in Front of Trichet 83

Question 14 83
References 86
12 The Great Crisis of 2008 87

Question 15 87
Question 16 88
Question 17 90
Question 18 92
Question 19 92
Reference 94
13 American Capitalism Versus European Capitalism 95

Question 20 95
Reference 102
14 The Submission of the Euro to the 2% Inflation Standard103

Question 21 103
Question 22 105
Question 23 106
15 Draghi: “Whatever It Takes”109

Question 24 109
Question 25 113
References 116
xiv Contents
16 The Greek Crisis117

Question 26 117
17 Banking Union123
Question 27 123
Question 28 125
Question 29 125
Question 30 128
18 The Underperformance of Europe131

Question 31 131
Question 32 132
19 The Balance Sheet of Draghi135

Question 33 135
Question 34 137
Question 35 140
Question 36 141
20 The Principles of the New Euro145

Question 37 145
Question 38 151
Question 39 152
Question 40 155
Question 41 162
Reference 165
Contents xv
21 The Launch of the New Euro167

Question 42 167
Question 43 170
Question 44 173
Annex: A Little Note on Gold 174
Part III Conclusion 177
22 At the Heart of the World179

References 184
23 Epilogue: From Pandemic to High Inflation185

Question 1 185
Question 2 189
Question 3 191
Question 4 196
Question 5 199
Appendixes203
Index231
Part I
Introduction
1
The Tyranny of Unsound Money
In a sentence which Milton Friedman made famous, J.S. Mill wrote: “most of
the time the machinery of money does not matter but when it gets out of
control it becomes the monkey wrench in all the machinery of the economy”
(Friedman 2006). In the century of US dollar hegemony, since the break-
down of the international gold standard during the First World War, money
has mattered most of the time because it has been almost continuously out of
control. Money has been profoundly unsound.
Unsound money has spawned and enabled tyranny in multiple ways.
Sometimes the link runs from the generating of bubbles and busts to devastat-
ing geopolitical consequences. The extreme example here was the role of a
massive bubble in stocks and global credit fuelled by the Federal Reserve and
its subsequent burst in the Weimar Republic’s collapse. Other times political
malaise forms due to unsound money’s destruction of opportunities for gen-
eral sustained advances in economic prosperity over long periods.
Always, under unsound money regimes, the state gains tremendous power to
obtain revenue without explicitly levying new taxes or hiking old taxes. Monopolists
and would-be monopolists use bubble finance as generated by monetary infla-
tion—including fantastically priced equity issues to investors mesmerized by spec-
ulative narratives of vast eventual profit margins—to crush free market competition.
Historical examples extend from the Dutch East India Company in seventeenth-
century Holland to the notorious list of suspects under anti-trust investigation in
the US at the start of the 2020s. Monopoly power is inimical to free society.
Individuals constrained by laws and practice to use fiat monies whose
issuers pursue monetary inflation are exposed to the huge risks of sudden
evaporation of their financial well-being, whether from asset inflation
© The Author(s) 2020 3

B. Brown, P. Simonnot, Europe’s Century of Crises Under Dollar Hegemony,
https://doi.org/10.1007/978-3-030-46653-4_1
4 B. Brown
turning to asset crash, or from the outbreak of goods and services inflation.
Widespread economic and financial suffering imperils always fragile liberty.
The propaganda machine of the tyranny (including the central banks and
their “transparent communications”) grinds on relentlessly. In sum, the severe
ways in which “the machinery of money” has acted as monkey wrench go well
beyond anything that J.S. Mill imagined or Milton Friedman described.
How to Judge Monetary Soundness

The essence of sound money is its high quality services (store of value and
medium of exchange) produced by “machinery” (as in J.S. Mill quote) under
the continuous control of automatic mechanisms. These are well protected
from governments or other authorities (including central banks) who would
tamper with them in pursuit of wider objectives including general economic
policy and taxation. Beyond that general statement, what are the criteria by
which we should judge the soundness of an actual monetary regime?
There should be a clear and well-understood pivot or anchor to the mone-
tary system. This takes the form of monetary base for which a broad and stable
demand exists over the long run, and whose supply is strictly limited.
Automatic mechanisms determine and enforce those limits. The mechanisms
operate within the context of constitutional rules sometimes including a
pledge of convertibility into gold, other metals, or real assets.
Short- as well as long-term interest rates are set wholly by market forces,
without official fixing or manipulation. Prices of goods and services are
observed to fluctuate widely, sometimes over sustained periods, downwards
and upwards, but show a tendency to revert to the mean over the very long
run, as determined by the pivot or anchor. There can be no assurance that this
mean is constant. There should be widespread conviction, though, that any
drift upwards or downwards in this mean will be well-bounded and at any
point in time the prospects of an upward drift over the long run should be
equal to those of a downward drift.
As illustration under the pre-1914 gold standard it was possible that big
new gold discoveries could bring an upward drift in the long-run mean to
prices; but it was equally possible that a secular growth in demand for money
and trends in the gold mining industry (lack of new discoveries or new tech-
nologies) could bring a downward drift.
By contrast, the essential aspects of unsound money include manipulation of
interest rates by the government or its central bank (there exists a wide spec-
trum of possible manipulation practices), the absence of an anchor to the mon-
etary system, and a fixation of the monetary policy makers on stabilizing prices
(the so-called price level or the inflation rate) whilst moderating the fluctua-
tions of the business cycle (in the process, lengthening economic expansions).
The ways in which the monkey wrench jams up the economic machinery
go far beyond the traditional (and sometimes misplaced) concerns of con-
sumer price inflation (or deflation) or violent business cycle fluctuations. The
starting point (for the monkey wrench) is the haywire signalling of prices,
particularly in asset markets. This leads on to a general malfunctioning of the
invisible hands, together with misallocation of resources—especially capital.
The false signalling guides capital into a whole range of projects far more
intensely than what would have occurred otherwise (with correct signalling).
The resulting opportunity losses in prosperity from such malinvestment are
potentially huge and long-lasting, even though there might be for a consider-
able periods of time some apparent benefits to consumers. Extraordinarily
low-cost capital to some firms, reflecting wild speculative narratives about
future monopoly profits, allows these to gain market share by predatory
action, including extended periods of cheap pricing and also systematic elimi-
nation of any new entrant challenger by pre-emptive buyouts.
ound and Unsound Exits from the False Dawn

S
of Monetarism
Sound money requires skilful architecture and construction. By contrast, the
monetarism as pioneered by Milton Friedman rested on a firm belief in posi-
tive economics (see Friedman 1966). There it is for the economic scientist to
find out whether a stable demand function could be reliably estimated for a
money supply aggregate, having once selected this in the given monetary and
banking system. If successful, then the task of the monetary authorities would
be to keep the growth of that aggregate in line with demand (the product of
real demand and the targeted price level) over the medium and the long run.
That task could be fulfilled via the control of monetary base, so long as a
stable relationship could be demonstrated between this and the chosen wider
monetary aggregate (another test for the scientist). With no big gap between
the growth in supply and demand for that aggregate, money should not get
out of control and the feared monkey wrench would remain locked up. The
monetarists in general did not contemplate what damage the monkey wrench
might do (if not locked up) in terms of malinvestment and asset price infla-
tion. Their focus was on goods and services inflation and its potential ill effects.
In practice, monetarism has long since withered away. The US experiment
in applying this doctrine was particularly short (1979–82). Under actual
institutional arrangements, the authorities had considerable difficulty in
6 B. Brown
determining exogenously the supply of a broad or semi-broad money aggregate

with any precision at all (the Bundesbank came closest by utilising high reserve
requirements on banks). In any case, earlier empirically determined stable demand
functions for the chosen monetary aggregate often proved to be erroneous.
Yes, the supply of monetary base (the narrowest aggregate) is completely
under the control of the authorities in a fiat money regime. But the demand
for monetary base, under post-1914 monetary regimes in the US and abroad,
even before considering the radical changes (in particular, QE and payment of
market interest on reserves) of the past two decades, has been far from broad
or stable or easily estimated, even over long-run periods. The problem here
has been that the components of the monetary base under modern fiat money
regimes—deposits of the banks at the central bank and cash—have many
close substitutes (for example Treasury bills, instant non-penal credit facilities
at the central bank, payment and credit cards which the holder can use to
transact at the same retail prices as users of cash). They are not in effect high-
powered money except in name. Small changes in interest rates, rate spreads
and fees can induce big shifts in demand for monetary base. By contrast,
under a regime where the monetary base includes mainly instruments with a
distinctive high “moneyness”, as would be the case for gold coin, gold bars
and banks’ holdings of reserves as aggregated across countries on a gold stan-
dard, demand for monetary base is firmly related to income and wealth.
In principle, there are two exits from the disillusions of monetarism.
The first is to move forward along the road to sound money, learning where
appropriate from past errors including those of the monetarists.
Progress would consist of eliminating the government (and central bank)
manipulators of interest rates and constructing a monetary system based
around a strong anchor. Price level and inflation targets would be scrapped in
favour of automatic monetary mechanisms (operating in effect to set upper
and lower bounds to monetary base expansion), which should mean a very
long-run tendency for prices of goods and services on average to revert to the
mean (moving down or up for sustained periods in the medium term). This
mean is not absolutely fixed nor totally pre-determined.
The biggest challenge for the sound monetary system architects would be
the designing of a monetary base. It is important that there should be a broad
and stable demand for this aggregate. That requires structural reforms in the
sense of curtailing radically “too big to fail” (whereby systemically important
banks in effect have access to government bail outs), deposit insurance, credit
and payment card oligopolies (which try to prevent retailers passing on inter-
change and other fees to card users), and other barriers to cash circulation
(e.g. small upper limits to size of banknote denomination). All these reforms
together would powerfully bolster and broaden the demand for monetary base.
The second exit from the failure of monetarism is to abandon the quest for
sound money and instead install top macro-economic managers in the mon-
etary administration (via the central bank) whose stated aims would be high
employment and stable prices.
The tools at the disposal of these managers would be designed to manipu-
late interest rates along a path mapped out by powerful econometric models.
They do not use the monetary base as a control mechanism, though in princi-
ple they determine its size. They would not return to the practice of the Federal
Reserve at times between 1920 and the mid-1980s in cross-checking that their
chosen path for short-term money market rates results in the monetary base
cumulatively staying within a target or quasi-target range. (The cross-check in
the 1920s and 1960s occurred in the context of whole and then partial con-
vertibility of the dollar into gold; growth in the fiat component of monetary
base as consistent with the Fed’s chosen rate path could bring into question
whether gold reserves were sufficient and trigger a tightening of policy.)
The managers would also have “emergency access” to a bag of unconven-
tional tools to be deployed towards reaching their aims. The monetary admin-
istration, headed by political appointees, is a part of government, albeit with
some weak outward semblance of independence. A key unstated part of the
monetary administration’s purpose is the levying of monetary repression tax
and inflation tax; their success in this is very important in terms of their rela-
tionship with government.
US Hegemon Leads World Down Unsound Path

The US as monetary hegemon led the world along a deeply flawed path out of
monetarism.
Stanley Fischer (1977) amongst others was at the forefront of the academic
assault on monetarism and advocated enlightened central bank economic
management based on the power of modern econometrics. Later, these econ-
omists demonstrated great skills in the corridors of monetary power, scaling
the ladder to become top monetary bureaucrats and advisors to Presidents,
who saw the potential for neo-Keynesian engineering to win a second term at
the next election (and after that le déluge, possibly, but who cares).
Before this ascent of the neo-Keynesians, dollar devaluation policy had
resumed in the second Reagan Administration. In early autumn 1985, Fed
Chief Volcker joined with Treasury Secretary James Baker in implementing
the Plaza Accord. The turbulence this produced on the European currency
scene—including a new revaluation of the Deutsche mark—played a big role
in powering the train towards European Monetary Union (see James 2012).
8 B. Brown
Through the 1990s, after the global asset price deflations and recessions of
1989–92, the Federal Reserve having totally abandoned the last vestiges of
monetary rules with respect to monetary aggregates (broad or narrow) and
focusing under Alan Greenspan on masterly piloting of short-term interest
rates, gained acclaim for the so-called Great Moderation. The NASDAQ crash
and apparent mini recession of 2001/2 blemished that record, such that in
2002/3 President George W. Bush, facing difficult elections in 2004, resolved
to use the power of appointment to guide the Fed on to a “pro-growth course”.
Accordingly, President Bush appointed renowned “inflationist” and neo
Keynesian Professor Ben Bernanke (a disciple of Stanley Fischer) as a Fed
Governor (then fast-tracking him into the “Economic Cabinet” in prepara-
tion for the top Fed post), and meanwhile extended Greenspan’s tenure for a
half-term—all in the implicit expectation (no evidence of any direct negotia-
tion on this) that policy would be “stimulatory” in the run-up to the 2004
elections. The “breathing in of inflation” on the basis that this was too low at
around 1% became a milestone in the development of the 2% inflation stan-
dard and in Europe similarly we had the famous press conference of the ECB’s
eminence grise, ex-Bundesbanker Otmar Issing, in early 2003.
The payment of market interest rates on monetary base (authorized by
Congress in autumn 2008) and successive bouts of quantitative easing (QE)
dealt the final coup de grace to any residual ailing anchor to the US monetary
system. The demand for monetary base became so unstable and indeed unknow-
able that it could not possibly function as anchor. All of this was a far cry from
the norm of Fed practice through most of its prior existence, at least until the
early 1990s, where in setting the interest rate path, it accepted that the growth
of monetary base in some loose fashion constrained its freedom of action.
Counterfactually, what would have been the sound money way out of the
flaws of monetarism? Short answer: to reconstruct the monetary regime in a
way which would ensure a strong and resilient anchor to the monetary system
such that the principles of sound money could triumph.
A longer answer starts with a look at what we should learn from the flaws
of monetarism.
Prices Are Not Stable Under Sound Money

We have already considered the problems in applying monetarism due to no
stable demand and exogenously determined supply for wide or semi-wide
money aggregates. But there is a deeper issue. Even if the holy grail of such an
aggregate and its supply conditions could have been found, would all have
ended happily under monetarism?
Another random document with
no related content on Scribd:
The Project Gutenberg eBook of Neither Jew nor
Greek
This ebook is for the use of anyone anywhere in the United States
and most other parts of the world at no cost and with almost no
restrictions whatsoever. You may copy it, give it away or re-use it
under the terms of the Project Gutenberg License included with this
ebook or online at www.gutenberg.org. If you are not located in the
United States, you will have to check the laws of the country where
you are located before using this eBook.
Title: Neither Jew nor Greek

a story of Jewish social life
Author: Violet Guttenberg
Release date: November 1, 2023 [eBook #72000]
Language: English
Original publication: London: Chatto & Windus, 1902
Credits: Chuck Greif and the Online Distributed Proofreading Team

at https://www.pgdp.net (This book was produced from
scanned images of public domain material from the Google
Books project.)
*** START OF THE PROJECT GUTENBERG EBOOK NEITHER

JEW NOR GREEK ***
CONTENTS
FOOTNOTES
TRANSCRIBER’S NOTE
NEITHER JEW NOR GREEK
NEITHER JEW NOR

GREEK
A STORY OF JEWISH SOCIAL LIFE
BY
VIOLET GUTTENBERG
LONDON
CHATTO & WINDUS
1902
PRINTED BY
WILLIAM CLOWES AND SONS, LIMITED,
LONDON AND BECCLES.
TO
MY FRIEND
MARIE CORELLI
AS A SLIGHT TRIBUTE TO HER
GENIUS
THIS BOOK IS AFFECTIONATELY INSCRIBED
CONTENTS
BOOK I
PROBATION
CHAPTER PAGE
I. A Marriage of Convenience 1
II. Introduces a Sweet and Lovable Jewish Girl 8
III. The Barrier of Race and Faith 17
IV. Geoffrey receives Unpalatable Advice 25
V. The Friedbergs of Maida Vale 34
VI. An Academy Student 43
VII. Enter—David Salmon 52
VIII. At Synagogue on New Year’s Day 60
IX. Luncheon for Three 69
X. A Gold Nugget and a Diamond Ring 77
XI. Under the Mistletoe 88
XII. David Salmon pays a Visit of Condolence 99
XIII. The Social Ethics of Judaism 110
BOOK II
THREE YEARS AFTER

I. Celia makes her Professional Début in London 125
II. A New Project discussed 136
III. Fitzjohn’s Avenue, Hampstead,—or Jerusalem? 147
IV. A Letter from Australia 157
V. The Wiltons of Woodruffe 165
VI. Celia’s Awakening 173
VII. White Heather 182
VIII. The Ring returned 191
IX. An Outcast in Israel 199
X. Strelitzki paves the Way for his Revenge 210
XI. The Stannard Ball, and after—An Eventful Night 223
XII. A Woman’s Love 237
XIII. The Acme Furnishing Company 251
“The Voice of the Charmer,” and an Unexpected
XIV. Meeting 263
XV. Ninette tells her Story 276
XVI. The Darkness deepens around Ninette 291
XVII. Both Sides of the Curtain 305
XVIII. “Neither Jew nor Greek”—One God over All 319
BOOK I
PROBATION
NEITHER JEW NOR GREEK
CHAPTER I
A MARRIAGE OF CONVENIENCE
“If you ever do get married, girls,” Adeline was saying, as she
contemplated her wedding-dress, which lay spread out on the bed, “see to it
that you get men, and not broomsticks.”
“I think I would rather have a broomstick than some men,” said the
youngest sister Di. “Because a broomstick is at least inoffensive; whereas a
man with a temper would be a positive nuisance.”
“I wouldn’t give a halfpenny for a man without a temper,” put in Lottie,
with a shrug. “Look at old Solomon, for instance. He is as meek as Moses.
Whenever Mrs. Sol tells him to do anything, he folds his hands, and says,
‘Yes, my dear, immediately,’ and goes and does it at once. If she told him to
go and drown himself, I believe he would say, ‘Yes, my dear, immediately,’
from sheer force of habit.”
“That shows Mrs. Sol’s cleverness,” said Adeline with a sigh. “She must
have broken him in when he was young and pliable. My future husband is
neither young nor pliable. Oh, girls, I wonder what sort of a husband Mike
will make.”
It was the eve of Adeline’s wedding. She was the eldest daughter, and
the first to leave the parental roof. “Adeline is a smart girl, and will do well
for herself,” her fond mother had been wont to say: and Adeline certainly
had done well, according to her parents’ ideas, for she had secured Michael
Rosen, the proprietor of the Acme Furnishing Company—a man who had
come over from Poland twenty years ago to start life (English life) as an
itinerant vendor of jewellery, and who was now at the head of the
furnishing trade in his particular line. Adeline’s parents, Mr. and Mrs.
Friedberg, had been introduced to him by the minister of the synagogue
which they attended, with the understanding, that if the parties came to
terms, and a marriage ensued, the Rev. Isaac Abrahams should pocket an
ample commission.
At the wedding-breakfast, which took place at the Hotel Cecil, the Rev.
Isaac, in the course of his speech, lightly mentioned the fact that marriages
were made in heaven, and unblushingly thanked Providence for having
brought the happy bridal couple together. Every one remarked how
touchingly and beautifully he spoke.
It is not so difficult to give an eloquent speech when the champagne
flows as freely as water, and one has a substantial cheque snugly reposing
in one’s pocket-book. The Rev. Isaac Abrahams was a happy man that day;
he possessed feelings of benevolence towards all mankind.
Adeline looked very charming in her bridal finery, and excited envy in
the hearts of a good many mothers and daughters present. She had a choral
and floral wedding, a full account of which, including a list of all the
wedding presents, would appear in the Jewish World and the Queen; and
she was the prospective mistress of a beautiful house in Fitzjohn’s Avenue,
Hampstead, and another in Brunswick Terrace, Brighton. Could any girl
wish for more? True, the bridegroom would never see forty again, and he
was neither good-looking nor well-bred; but wealth covers a multitude of
other deficiencies, and one cannot have everything. So, every one agreed
that Adeline was a very fortunate girl, and Adeline herself thought so too.
She was ecstatically happy for exactly twenty-four hours after the
ceremony.
The first part of their honeymoon was spent at a farm-house ten miles
from anywhere, where, if they had been so inclined, they could have made
love to their heart’s content, without the least fear of any disturbance. Mike
chose this place because his bride had once remarked in his hearing that she
adored the country—which she did in the abstract.
It is so nice to think of green fields, and leafy lanes, and bleating lambs,
and twittering birds—when one is in town.
Adeline had never spent a whole day in Mike’s company before, and
very soon grew tired of his society. During their short engagement he had
come to see her every evening, but had spent most of his time in the smoke-
room with her father, and she had seen very little of him. Perhaps, if she had
seen more of him, she would not have become his wife. Now that she was
entirely dependent upon him for companionship, however, she wondered
how they would get on together. His sole topic of conversation was
furniture—“ferniture,” he pronounced it. His had been one of the first firms
to introduce the “easy payments” system on an extensive scale, and Mike
was justly proud of the fact. Adeline wondered, a trifle contemptuously, if
he considered her part of his household “ferniture.” She was at least
ornamental, if not altogether useful.
Life at the farm was not exciting, and at the end of the third day, the
young bride had a bad attack of the blues. She was not particularly
interested in watching the pigs fed and the cows milked; and what was the
good of all her pretty frocks and lovely jewels when there was no one to see
and admire them. It was all very well for Mike. He sat on the top of a
haystack, dressed in flannels, nearly all day; and as long as he had a fat
cigar to smoke, a glass of whisky to drink, and a furniture catalogue to read,
he was perfectly happy. But even he was bored when, on the fourth day, it
began to rain, and forgot to leave off; and when Friday came round, he
suggested a trip to Blackpool, to which his wife willingly agreed.
Blackpool was a decided improvement to the farm, but the wet weather
followed them even there, so, at the end of a very dull fortnight, they turned
their faces homewards. It was quite delightful to see dear old smoky
London once more.
Adeline lost no time in going to see her family, and went the same
afternoon that they returned. Mike was obliged to go straight off to
business, but she was not sorry to have to go alone. Her visit was quite a
surprise, for they were not expected home for at least another week. Mr. and
Mrs. Friedberg were out, she was told, but the girls were at home, and
received her with rapturous exclamations of delight and astonishment. They
carried her off to her old bedroom to take off her things, and plied her with
questions which she could not possibly answer all at once. She hugged them
all round, Prince, the pug, included; then she sat down on the bed, and
indulged in a good cry, after which she felt considerably better.
The girls were filled with consternation. They had never seen Adeline
cry before. Had Mike been doing anything to vex her? No? Then, what on
earth was she crying for? Di ran for smelling-salts, and Lottie fetched
brandy; in vain Adeline protested that she needed neither.
“You must think me a little fool, girls,” she sobbed, copiously drying her
tears. “It was the excitement of seeing you again, I suppose. I shall feel
much better when I have had some tea.”
She made them promise not to tell her parents what a silly girl she was;
and then brightened up, and told them of all she had seen and done.
By the time Mr. and Mrs. Friedberg arrived, she was all smiles again,
and they were delighted to see her looking so well.
“Married life agrees with you, evidently,” her mother remarked, as she
gave her a prolonged and audible kiss on either cheek. “You are looking
splendid, Addie. Mr. Cohen’s nephew—not the one who married Sol
Benjamin’s niece, but the other one—saw you on the pier at Blackpool, and
said that you and Mike were so taken up with lovemaking, that you never
even acknowledged his existence.”
“It was very windy on the pier,” said Adeline apologetically. “It was all I
could do to keep my hat on. I did not notice any one who was passing.”
“No, of course not,” put in Mr. Friedberg, with a wink. “No one would
expect you to. By-the-by, what do you think of your house, Addie? It’s
’ansome, isn’t it? That’s the best of having a husband in the furnishing line.
Mike let me have everything at cost price. When these girls get
chosanim,”[1] with a sly look at his other daughters, “they shall set up
housekeeping in grand style too.”
Was she never going to get away from that wretched furniture? Adeline
was sick of the very word.
“The next wedding we have in the family,” remarked Mrs. Friedberg,
apropos of nothing, “I shall put out a notice—‘No electro plate received
here.’ It’s simply scandalous the number of fish-carvers you received, and
hardly any of them silver. And fancy that Mrs. Moses sending a rubbishing
cake-basket, after all the kindness and hospitality we’ve shown her. I don’t
know how people can be so mean.”
The clock struck six, and Adeline rose to go. She must be home to have
dinner with Mike, she said, and it was a good way from Maida Vale to
Fitzjohn’s Avenue. She wanted to take Lottie and her young brother Victor
back with her, but her mother was sure Mike would prefer to spend his first
evening at home with his wife alone.
Mrs. Friedberg possessed some curious ideas. She knew, and did not
pretend to ignore the fact, that her daughter’s marriage with Michael Rosen
was a made-up match, and that, had the bridegroom been less wealthy, or
the bride less attractive, the marriage would have never taken place; yet she
persisted in thinking and saying that the bridal pair were very much in love
with each other.
Adeline, like most Jewish girls of the present day, had been taught to
place her affections in accordance with her parents’ wishes. The idea of
falling in love with anybody had never occurred to her. She was a sensible
girl, and knew that even if she so desired—and she did not desire it—she
could never marry a poor man, or a Christian, so she had resigned herself to
the inevitable, and had accepted Michael Rosen without a protest. Mike was
as good as any other rich Jew she had met, and even if he were of the
“broomstick” order of men, he was at least, as Di had said, inoffensive.
If only she could break him of that detestable habit of talking “shop”
wherever he went! She would have to teach him that there were other
subjects of interest to the generality of people as well as his beloved
“ferniture.”
CHAPTER II
INTRODUCES A SWEET AND LOVABLE JEWISH GIRL
If you had asked who was the most popular man in Durlston, you would
have been told, without a moment’s hesitation, that his name was Herbert
Karne. Broad-chested, large-hearted, and liberal-minded, Herbert won the
hearts of all with whom he came in contact, by his cheery geniality and his
consummate tact. He was a Jew, but he was also an English gentleman, and
was treated as such by the members of the social circle in which he moved.
Durlston was an uninteresting little town not many miles from
Manchester. There was a very large boot and shoe manufactory at one end
of the tiny High Street, and the population of the town was considerably
increased by the factory labourers and their families. These were mostly
Jews, very poor Jews, who had recently emigrated from Roumania and
were glad to get work, even though it were at almost starvation wages.
Mendel & Co. secured them directly they arrived in Houndsditch, and
packed them off to the Durlston manufactory as occasion required. They
were easily satisfied and obsequious, these poor Jews, and seemed to be
able to exist on next to nothing.
Herbert Karne lived with his half-sister in a pretty country house—The
Towers—just outside the town. He was an artist by profession and a
romancist by nature. He took the greatest interest in the little Jewish colony
which had sprung up almost beneath his windows, and it was his pleasure to
protect the rights of the colonists against the cut-throat practices of their
employers. He agitated for shorter hours and better pay, and, for fear of
being boycotted, Messrs. Mendel & Co. were obliged to make concessions.
These poor Jews had no spirit of their own; they were utterly
downtrodden with the effect of oppression and destitution: so Karne was
determined to defend their cause, and he became their firm friend and ally.
Whenever a new batch of Jews arrived in Durlston, he took them in hand
at once. He anglicized them, and made them suppress their Jewish
idiosyncrasies. With the help of his half-sister Celia, and a few friends, he
organized a night school, and taught them to read and write. He managed to
enlist the sympathy of the most influential people in the county on their
behalf, and got up all sorts of literary and musical entertainments, in order
to brighten their empty lives. The educating and uplifting of these poor
waifs of humanity was Herbert’s hobby; he entered into it heart and soul.
There was no synagogue in Durlston, the nearest one being in
Manchester, so he arranged to have divine service in the schoolroom every
Saturday morning, at which Emil Blatz, the foreman of the factory,
officiated. Herbert himself gave the lecture as a rule, and preached not from
a religious so much as from an ethical standpoint. He endeavoured to instil
into his hearers his own high standard of honour and equity; he wanted to
broaden their ideals, and to make them true to the noble instincts of their
ancient race and faith.
And in a great measure he succeeded. There were very few who came
under Herbert Karne’s influence who did not benefit by it. He imbued them
with self-respect, and gave them back their sense of manhood. When they
left the factory—generally to better their position in some way—they were,
most of them, better men and nobler Jews than when they had entered it.
Their backs were no longer bowed with the yoke of oppression. They held
their heads erect, and were able once again to look the whole world in the
face.
It was a Sunday afternoon in late summer, and Karne’s grounds were
thrown open to receive his friends and protègèes. A small piano had been
brought out on the lawn, and somebody was playing one of Strauss’ most
inspiriting waltzes. The men smoked, and nodded their heads to the music,
and talked to each other of the hardships of bygone days. The women
darned their stockings, and watched pretty Miss Celia flitting about in her
white dress, with a sweet smile and a kindly word for each one of them. The
dark-eyed children chased each other over the turf, danced round the piano,
and enjoyed themselves thoroughly. Some of them wandered towards the
studio, and, standing before the long French windows, gazed with feelings
of awe at the paintings which were the handiwork of their benefactor. How
lovely it must be to be able to paint wonderful pictures like those, they
thought!
Herbert Karne was employed in amusing the babies. They kept him fully
occupied, and demanded all his attention. One little olive-skinned maiden
sat on his knee; another tugged at his hair; and a third played with his
watch-chain. Their host enjoyed it all quite as much as they did themselves;
he was passionately fond of children.
A gentleman was coming out of the house and across the lawn. Mr.
Karne handed the children back to their mothers, and came forward to greet
him.
“Glad to see you, Geoffrey,” he said, as they shook hands. “Celia was
just wishing that you were here. They wanted her to sing, but she was quite
at a loss without you to play her accompaniments. By-the-by, Geoff, it’s
quite decided; she is to go away.”
The young man’s face fell perceptibly. “I am very sorry,” he said, and his
voice was quite husky. “But I think you are quite right, Karne. Celia has a
great future before her, and she is utterly wasted here in this sleepy little
place. With her voice, and her personality, she will have all London at her
feet some day. You will send her to Marchesi in Paris, I suppose?”
“No; Professor Bemberger thinks she will do just as well at the Academy
in London, or, at least, until her voice is more fully developed. I did not like
the idea of sending her abroad. We have friends in London, and she will not
feel so isolated there.”
They moved up to where Celia was standing—a tall and well-developed
girl, with a quantity of red-gold hair, hazel eyes, and fair complexion. She
had a short high-bridged nose, and a sweet refined mouth. Her half-brother
had once painted her as Hypatia; her features were distinctly Grecian in
type.
She turned round at their approach, and extended her hand to the new-
comer with a cordial greeting.
Geoffrey Milnes was the son of the Vicar of Durlston, and junior partner
of the chief doctor in the town. He was one of Herbert Karne’s most
intimate friends, and spent a good deal of his spare time at the Towers,
where he had established himself as Celia’s accompanist-in-chief. He
possessed the happy knack of being able to make himself useful in almost
any capacity, and was always so eager to assist in any way he could, that it
was quite a pleasure to accept his services.
Celia offered him a chair and a cup of tea. “What brings you here to-
day?” she asked. “I thought you always spent Sunday with your father.”
“So I do,” he answered, nibbling a tiny piece of cake. “But I happened to
be passing, and, hearing the music, I could not resist the temptation to look
in. If you don’t want me, though, I’ll go away.”
“Of course I want you, and I am very pleased you have come,” she
hastened to assure him. “Only you must think us such Sabbath-breakers.”
“Not at all. You had your Sunday yesterday. We cannot expect you to
keep ours as well.”
“Yesterday was not our Sunday,” Celia corrected him with a smile. “We
had our Sabbath yesterday, but our Sunday is to-day. I have heard so many
people say that we keep our Sunday on Saturday. It sounds Irish to me.”
“It is rather silly, certainly,” he admitted. “But you see we generally
connect Sunday with the Sabbath in our minds. What are you going to
sing?” he added, as Celia selected some music from a portfolio. “Something
of Schubert’s?”
He went to the piano and struck a few chords. His touch was light and
facile, and he was an excellent accompanist on that account. Celia’s voice
was a sweet and very pure soprano, and she already possessed remarkable
power and flexibility for her age. She sang Beethoven’s “Kennst du das
Land?” with expression and a pretty German accent. Her audience listened
entranced. Some of the women put down their sewing; their vision was
clouded by a mist of tears.
“You must not sing any more in the open air,” said Dr. Milnes, as he rose
from the piano. “You will have to take very great care of your voice now
that you have decided to become a professional singer. When are you going
away?”
“On Thursday week,” she answered with a sigh. “The entrance
examination at the Academy is on the Saturday following.”
“So soon!” he said regretfully. “And I suppose you will quite forget the
unsophisticated Durlston people, when you are in the midst of the
excitement of London life?”
“Indeed, I shall not,” she answered him earnestly. “I shall miss them all
dreadfully, especially Herbert and—and you. I wanted Herbert to take a flat
in London so that we could be together, but I cannot get him to leave
Durlston. He thinks the factory people could not do without him, and he
says that he cannot work anywhere but in his own studio. He is painting his
big picture for the Royal Academy, you know.”
“Yes; I shall have to look well after him, or he will knock himself up, as
he did when he was painting his ‘Dawn of Love.’ He allows his pictures to
prey upon his mind, and an attack of insomnia is the usual consequence.”
Celia was about to reply, but the factory people were beginning to
disperse, and their conversation was interrupted.
A little boy ran up to say good-bye. “You promised me a penny if I took
all my medicine last week, Dr. Milnes,” he said, looking up into Geoffrey’s
eyes with an anxious expression on his little Jewish face. “I’ve tooked all
that nasty stuff, so I’ve come for my penny, please.”
Geoffrey felt in his pockets, but no money was forthcoming.
“I never pay my debts on Sunday, young man,” he said with mock
gravity. “I am sorry, but I have no change. Can’t you wait until to-morrow,
when, if you present your bill, it will be settled in due course?”
The child looked bewildered, and considered a moment. “If I wait till to-
morrow, you ought to give me something extra,” he remarked at length; and
then, as the doctor did not answer, “Make it tuppence,” he added
persuasively, “I’ve waited a week already!”
“One hundred per cent. interest? All right,” agreed Geoffrey; and the boy
went away perfectly happy.
“That boy will get on in the world,” observed Celia, smiling: “he has
what Americans call an ‘eye to the main chance.’ ”
“I think we most of us have,” said the young doctor, thoughtfully, “only
we don’t like to admit it, even to ourselves.”
“But some people possess it in a more marked degree than others,” she
pursued, bending down to kiss a little dark-eyed maiden of two years old.
“My people, for instance, are noted for their shrewdness. One seldom finds
a Jew who is not a good man of business, and therefore people—Christian
people—are inclined to think that every Jew must of necessity be a
Shylock. Do you know, I can never quite forgive Shakespeare for creating
such a character?”
“Why not? Shylock was a type of an avaricious money-lender, and there
are many such, even in the present day. And a typical character, in order to
make an impression, is bound to be overdrawn. I am sure that Shakespeare
was not out of sympathy with the Jews. Do you not remember the famous
speech—‘Hath not a Jew eyes,’ etc.? And then there was Shylock’s
daughter Jessica, a sweet and lovable Jewish girl.”
He paused, suddenly recollecting that he was treading on somewhat
dangerous ground, for Celia’s father, Bernie Franks, was a well-known
Capetown financier and former money-lender, and his reputation was not of
the best. Nevertheless, Bernie Frank’s daughter was, like Jessica, a sweet
and lovable girl. Geoffrey Milnes thought her the sweetest girl in the world,
but he had not the courage to tell her so. He had allowed himself to fall in
love with her, knowing that such a love was quite hopeless, and could only
cause them both unhappiness and pain. There was the barrier of race and
faith between them, and he knew that neither his people nor hers would
sanction their marriage, even if Celia really loved him—and he was not sure
that such was the case.
The church bells were ringing for Evensong, and Geoffrey was obliged
to take his leave.
Herbert Karne accompanied him part of his way, and Celia went into the
house singing blithely. She, at least, was perfectly heart-whole as yet.
CHAPTER III
THE BARRIER OF RACE AND FAITH
The studio at the Towers was built on elevated ground at the north side of
the house; and was approached by a short flight of steps leading from the
hall. From where the artist sat at his easel, he could obtain a bird’s-eye view
of Durlston, which consisted of chimney-pots and church spires, relieved by
a small park in the centre of the town, with grassy fields surrounding it;
and, beyond that, the smoky haze of a manufacturing city.
There was not much in the prospect from which to derive inspiration, but
it was all-sufficient for Herbert Karne. He liked to look up from his picture
and note the varying aspect of his garden at the different seasons of the
year. There was always something new to see and admire, for Nature is
ever-changing, and Herbert knew of every bud that blossomed, and every
flower that bloomed.
It was autumn now, the season of decay. The richly tinted leaves were
falling fast, and made quite a thick carpet on the gravelled paths. The trees,
which but a few months ago had been so fresh and green, were adopting
sombre hues of golden-brown. Some of them were already bare, and waved
their gaunt arms in the breeze as though in warning. “Life and youth are
short,” they seemed to say, “and all must die.”
The artist’s brain was busy as he worked. He cast his mind back to the
time of his mother’s death, some twelve years ago. Her second marriage
had not been a success, for Bernie Franks had never properly understood
her refined and gentle nature; so that when, attacked by the money-making
fever, he went off to Johannesburg to make his fortune, his wife, on the plea
of delicate health, remained at home with her two children.
She never saw him again, for he enjoyed life out in South Africa so
much, that he would not trouble to come home, even when he knew that she
was ill. When she died, he wrote for little Celia to come out to him, but
changed his mind before the next mail, and wrote again, saying that her
coming would greatly inconvenience him, and asking Herbert to find a
boarding-school for her.
Karne was studying art in Paris at the time, but he returned to England
before the funeral, and, in accordance with his mother’s last wish, took
charge of his little half-sister. He and Celia were devoted to each other, and
the child begged so hard not to be sent away from him to boarding-school,
that he engaged a housekeeper whom his mother had known, and sent the
little girl to a high school. Her education became his greatest care; and
when she showed marked ability for music, he had her taught by one of the
cleverest professors in the county, in order to have her talent developed in
the best way possible.
And now she had come to womanhood, and was anxious to spread her
wings and see a little more of the world. Her teacher, Professor Bemberger,
had imbued her with the idea that, with a voice like hers, it would be a
thousand pities if she did not become a professional singer. He made her
dissatisfied with her quiet life at Durlston; it was tame and dull, he said. In
London, she would live, not vegetate; and in glowing terms he described
what her life as a successful singer would be.
Her half-brother received the idea with disfavour. Celia had no need to
earn money by her voice, he said, for she was the daughter of a wealthy
man; and in professional life there was disappointment to be met with, as
well as success. He painted the reverse side of the picture, the hard work
and many worrying details which must of necessity arise; but Celia would
not be discouraged, and, as she had so set her heart on it, he reluctantly
gave his consent. Now, however, that her going was decided, and
everything definitely arranged, he wondered if he had done right after all.
Celia, besides being an accomplished musician, was a beautiful and
winsome girl, and although not altogether lacking in savoir faire, possessed
very little knowledge of the world. Might not her beauty prove a danger to
her in her new life? Hitherto she had been carefully guarded, for her brother
had himself chosen her friends, and her tastes and ideas had been led in the
right direction. Was he wise in sending her away from his influence, where
she would come into contact with all sorts and conditions of people, and
must inevitably pick up fresh ideas of evil as well as good?
He was so engrossed with these thoughts that he did not notice the click
of the latch as a lady opened the French window from without, and only
when he heard the rustle of silken skirts was he made aware of her
presence. She was a very daintily clad little woman, with a bright face and
vivacious manner. Her blue eyes sparkled with kindliness, and her small
mouth betokened a keen sense of humour.
Lady Marjorie Stonor may have possessed a great many faults, but her
worst enemy could not have accused her of being dull. She was in the habit
of dropping in at the Towers when she knew that she would find the artist at
work, and although she disturbed him seriously with her light chatter,
Herbert could not but be glad to see her, for she had helped him a good deal
with his work amongst the factory people, and was one of Celia’s greatest
friends.
He rose to greet her, and she established herself comfortably in a low
wicker chair. She had come, she said, firstly to bring him an order from the
county hospital for one of the factory men, and secondly to discuss Celia’s
future. She was anxious to know if Mr. Karne were aware that all the
Durlston people were anticipating Celia’s engagement to Dr. Geoffrey
Milnes!
Mr. Karne was not aware of it; he was most astonished; he had never
dreamt of such a thing. He turned round and confronted his interlocutor
with a look of consternation. How on earth could such a rumour have got
about?
Lady Marjorie gave vent to a rippling laugh of amusement.
“Oh, you men!” she exclaimed. “You are as blind as bats, and have no
more perception than a rhinoceros! You have allowed Celia to see Geoffrey
Milnes constantly, to ride with him, drive with him, and sing with him. He
is a nice young fellow, and she is a beautiful girl, and yet you are surprised
that they should fall in love with each other. Do you mean to say, seriously,
that you have never thought of such a contingency, Mr. Karne?”
“Indeed, I have not,” he answered with contracted brows. “I am very
grieved indeed, if such is the case, for nothing but trouble can come of it;
but I think and hope that you are mistaken, Lady Marjorie. If I had had the
faintest idea of such a thing, I should have put a stop to their intimacy long
ago.”
“But why?” she asked eagerly. “He is only a country doctor, it is true,
and has no brilliant prospects, but if they really love each other——”

Europe's Century of Crises Under Dollar Hegemony: A Dialogue On The Global Tyranny of Unsound Money 1st Ed. Edition Brendan Brown

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Europe's Century of Crises Under Dollar Hegemony: A Dialogue On The Global Tyranny of Unsound Money 1st Ed. Edition Brendan Brown

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Europe's Century of Crises Under

Dollar Hegemony: A Dialogue on the

ISBN 978-3-030-46652-7 ISBN 978-3-030-46653-4 (eBook)

Cover illustration: © Andrii Vodolazhskyi, shutterstock.com

 ow to Access the Original French Content

The inspirator and creator of this dialogue is Philippe Simonnot.

continuous support there of Ryan McMaken who edits my regular contribu-

1 The Tyranny of Unsound Money 3

3 The Great War and the End of the Gold Standard 27

4 From Birth of Dollar Hegemony Towards the 1929 Crisis 33

6 How Gold Financed Nazi Germany 59

7 Bretton Woods: The False Gold Standard 61

8 The Strategic Choice for Germany 65

9 For or Against Friedman 69

10 How the Euro Was Born 77

11 Trichet in Front of Trichet 83

12 The Great Crisis of 2008 87

13 American Capitalism Versus European Capitalism 95

14 The Submission of the Euro to the 2% Inflation Standard103

15 Draghi: “Whatever It Takes”109

16 The Greek Crisis117

18 The Underperformance of Europe131

19 The Balance Sheet of Draghi135

20 The Principles of the New Euro145

21 The Launch of the New Euro167

22 At the Heart of the World179

23 Epilogue: From Pandemic to High Inflation185

© The Author(s) 2020 3

How to Judge Monetary Soundness

 ound and Unsound Exits from the False Dawn

determining exogenously the supply of a broad or semi-broad money aggregate

US Hegemon Leads World Down Unsound Path

Prices Are Not Stable Under Sound Money

Title: Neither Jew nor Greek

Author: Violet Guttenberg

Release date: November 1, 2023 [eBook #72000]

Original publication: London: Chatto & Windus, 1902

Credits: Chuck Greif and the Online Distributed Proofreading Team

*** START OF THE PROJECT GUTENBERG EBOOK NEITHER

NEITHER JEW NOR GREEK

NEITHER JEW NOR

AS A SLIGHT TRIBUTE TO HER

THIS BOOK IS AFFECTIONATELY INSCRIBED

THREE YEARS AFTER

NEITHER JEW NOR GREEK

INTRODUCES A SWEET AND LOVABLE JEWISH GIRL

THE BARRIER OF RACE AND FAITH

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ow to Access the Original French Content

1 The Tyranny of Unsound Money 3

3 The Great War and the End of the Gold Standard 27

4 From Birth of Dollar Hegemony Towards the 1929 Crisis 33

6 How Gold Financed Nazi Germany 59

7 Bretton Woods: The False Gold Standard 61

8 The Strategic Choice for Germany 65

9 For or Against Friedman 69

10 How the Euro Was Born 77

11 Trichet in Front of Trichet 83

12 The Great Crisis of 2008 87

13 American Capitalism Versus European Capitalism 95

14 The Submission of the Euro to the 2% Inflation Standard103

15 Draghi: “Whatever It Takes”109

16 The Greek Crisis117

18 The Underperformance of Europe131

19 The Balance Sheet of Draghi135

20 The Principles of the New Euro145

21 The Launch of the New Euro167

22 At the Heart of the World179

23 Epilogue: From Pandemic to High Inflation185

How to Judge Monetary Soundness

ound and Unsound Exits from the False Dawn

US Hegemon Leads World Down Unsound Path

Prices Are Not Stable Under Sound Money