Len's Summary: Traces Treasury Secretary William McAdoo’s triumph over the monetary crisis sparked by the start of WWI. With the central bank (the Federal Reserve System) authorized by the Owen-Glass Act of December 1913 not yet in place, he closed the American Stock Exchange for four months to prevent foreigners from selling their holding and demanding gold in return. McAdoo both honored America’s commitment to the gold standard and sustained public confidence in the banking system, preventing a repeat of the disastrous 1907 run on American banks. The author is a professor at the Stern School of Business, NYU.
The Centennial commemorations are over, but WW1 remains a relevant area of study because of its enormous impact on the 20th and 21st centuries: Many present-day geographic tensions come from the post-war peace and drawing of boundaries. More families than ever are seeking to understand the war’s impact on their ancestors. The war had a profound impact on all facets of society, including post-war re-building. At the time of this writing, the influenza epidemic of 1918-19 is again newsworthy.
In 2020 we are working to increase engagement and communication with the membership. This will include: regular publication of our Journal, World War One Illustrated, and our newsletter, Here and There; a more regular social media presence; and a refreshed website.