The Politics of Liquidity

  • Richard N. Gardner


During the Anglo-American financial negotiations in 1943 which laid the groundwork for the International Monetary Fund, a malicious little ditty (probably not of British manufacture) was circulated among the delegates:

‘In Washington Lord Halifax Once whispered to Lord Keynes: “It’s true they have the money-bags, But we have all the brains ”’


International Monetary Fund Reserve Currency International Liquidity International Monetary System Credit Facility 
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  1. 1.
    Quoted in Gardner, Sterling-Dollar Diplomacy: The Origins and the Prospects of Our International Economic Order (new, expanded edition, New York, 1969) p. 11, which develops in greater detail some of the themes contained in this essay.Google Scholar

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© Richard N. Gardner 1969

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  • Richard N. Gardner

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