"Quis custodiet ipsos custodes?" The Federal Reserve System's founding fathers and allied finances in the First World War

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Date: Winter 1998
From: Business History Review(Vol. 72, Issue 4)
Publisher: Business History Review
Document Type: Article
Length: 17,027 words

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Abstract :

New York bankers Paul Warburg and Benjamin Strong played important roles in the formation of the Federal Reserve System despite their differences over policies concerning acceptance. Warburg, a banker of German origin, was committed to helping the German economy while Strong opted to support the Allies. The two rival bankers, however, looked beyond politics and focused on international financial goals. In particular, both Warburg and Strong wanted New York to rival London as the financial center of the world.

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Gale Document Number: GALE|A54140955