14. Golden

For the pound to maintain its new, higher value in currency markets, the dollar couldn't pose too strong a competitive threat. Otherwise, speculators would sell pounds and buy dollars, driving the pound back down. Either Norman had to maintain high interest rates in London—drawing money into the pound—or Strong had to keep rates low in New York—making dollar investments less attractive. The House of Morgan insisted on higher British interest rates as the answer. Instead, Monty's loyal friend, Ben Strong, depressed American interest rates. This was no small technical matter: it would be blamed by some for causing the 1929 crash on Wall Street.