1929 “no longer London, not yet New York”; Creditanstalt

Economic historian Charles Kindleberger taught us that global stability relies of the hegemon’s willingness and ability to lead. 

His main lesson in The World in Depression, 1929-1939, draws from the devastating implications of the missing hegemon in 1930s — “no longer London, not yet New York” .

Will the Fed continue to assume its global responsibilities?

Historically, the US central bank’s swap lines have helped to restore financial stability in times of crisis

Kindleberger’s work showed that tariffs were only part of the story and not even the most important. 

What turned all this into a full-blown global depression was the collapse of a small bank in Vienna in 1931

Aditi Sahasrabuddhe Financial Times 8 april 2025 

Author of the forthcoming book ‘Bankers’ Trust’ on central bank co-operation in crises

https://englundmacro.blogspot.com/2025/04/us-central-banks-swap-lines-have-helped.html

Bankers' Trust How Social Relations Avert Global Financial Collapse

Sahasrabuddhe uncovers just how critical interpersonal trust between central bankers has been in managing global financial crises. 

She tracks the emergence of such relationships in the interwar 1920s, how they helped prop up the Bretton Woods system in the 1960s, and how they prevented the 2008 global financial crisis from turning into another Great Depression. 

https://www.cornellpress.cornell.edu/book/9781501782589/bankers-trust/#bookTabs=3

Tillbaka till Rolfs länktips Rolfs länktips 21 april 2025; björnarna anar laxfest

https://englundmacro.blogspot.com/2025/04/rolfs-lanktips-21-april-2025.html