Wednesday, February 07, 2007 - Graduate schools and programs guide

I knew the NYSE was closed in 1914 for WWI but never knew any of the story behind it. So on the chance that you did not know it either: - Graduate schools and programs guide: "
William L. Silber, Marcus Nadler Professor of Finance and Economics at NYU Stern, who earlier served as a senior economist with the President’s Council of Economic Advisors and as a member of the Economic Advisory Panel of the Federal Reserve Bank of New York, spoke about the United States’ monetary crisis at the outbreak of World War I that threatened the country with financial disaster. He introduced his new book, When Washington Shut Down Wall Street: The Great Financial Crisis of 1914 and the Origins of America’s Monetary Supremacy, to an audience of Stern alumni and MBA students during the first of NYU Stern’s Spring Author Lecture Series."

Silber.... He described how in 1914, at the outbreak of World War I, the biggest gold outflow in a generation jeopardized America’s ability to repay its debts abroad and how fear that the US would abandon the gold standard caused a 50 percent decline of the US dollar overnight. He praised William McAdoo, who as Treasury Secretary responded by shutting down the New York Stock Exchange for more than four months – the longest the NYSE has ever been closed..."

The book is available from Amazon.

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