Lombard Street
a description of the money market
by Walter Bagehot · first published 1873
67% recommend33% neutral
"The English precursor to Wall Street, London's Lombard Street is the original district of finance and the birthplace of the money market. Fast-paced and highly-charged, it is a hotbed of financial activity whose impact is felt not just nationally, but globally." "The chef d'oeuvre of Walter Bagehot, Lombard Street began as a series of articles the esteemed essayist and financial advisor had written for the Economist during the 1850s. First published in book form in 1873, it is a vivid description of the money market that seamlessly brings together theoretical analyses, historical anecdotes, a
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> gold standard disincentivizes consumption, and incentivizes savings. Plain and simple Read Walter Bagehot's Lombard Street, published in 1873 [1]. It's the treatise by arguably the world's first modern central banker. What makes it neat is it's entirely on the gold standard. Britain, on the gold standard, still faced each…
on “WTF Happened in 1971? (2019)” ↗…constant drumbeat of bank failures, inflation and scams [2][3]. (Also financial crises [4].) If you want a country that didn't have a civil war in the 19th century to go off, grab a copy of Bagehot's Lombard Street [5]. It's written by arguably the world's first modern central banker. He battles credit crises, bank runs, inflation, et cetera. All while Britain was firmly on the gold standard. [1] https://elements.visualcapitalist.com/200-years-of-global-go...…
on “WTF Happened in 1971? (2019)” ↗You don't actually need lender of last resort. If actually read the books by the inventor of the 'lender of last resort' called Walter Bagehot. He wrote on of the most famous monetary books 'Lombard Street: A Description of the Money Market (1873)'. Modern central banks constantly refer to how they 'follow Bagehot' but actually don't. In this book he actually makes it quite clear that the 'lender of last…
on “Radical Swiss financial reform campaign faces defeat” ↗Lombard Street by Walter Bagehot https://archive.org/details/in.ernet.dli.2015.276712 https://en.wikipedia.org/wiki/Lombard_Street:_A_Description_...
…Bank of England Quarterly Bulletin. Q1, 2014. The Man Who Knew: The Life & Times of Alan Greenspan. By Sebastian Mallaby. The Courage to Act: A Memoir of a Crisis and its Aftermath. By Ben Bernanke. Lombard Street: A Description of the Money Market. By Walter Bagehot. The Future of Money. By Eswar Prasad. (The following two are mentioned at the end of the article) “A Monetary History of the United States, 1867-1960”…
on “What to read to understand central banking” ↗This is correct. One of the early and still accessible references is Bagehot's Lombard Street.
…Savage Money (Christopher Gregory, 1996), - Indians, Settlers, and Slaves in a Frontier Exchange Economy (Daniel Usner, 1992), - Money: the True Story of a Made Up Thing (Jacob Goldstein, 2020), and - Lombard Street (Walter Bagehot, 1873).
on “How Fake Money Saved Brazil (2010)” ↗Just finished Walter Bagehot's Lombard Street (1873). Bagehot was the editor of The Economist in the 1860s and 1870s. This book sketches out London's banking and finance system and, particularly, how liquidity crises are handled. https://archive.org/details/lombardstreetad00bagegoog/page/n...
on “Ask HN: Any interesting books you have read lately?” ↗