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| | BoE & Fed |
 | | Norman and the British used the League to pressure European member states to establish central bank collaboration with the Bank of England, based on not the classical Gold Standard, as noted, but on a Gold Exchange Standard which would permit the countries to continue inflating and deficit spending, while maintaining a facade of monetary stability. |
 | | Montagu Norman had convinced his friend, Benjamin Strong, that European recovery and, ultimately, US export strength, depended on the Federal Reserve's maintaining artificially low interest rates to encourage gold outflows into the relatively more attractive Sterling. |
 | | London, as Montagu Norman and the UK Treasury had intended, indeed, had once again become bankers to the world, all based on a Gold Exchange Standard resting on tiny Bank of England gold reserves, and huge pyramiding on the U.S. dollar. |
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