Business Adventures: Twelve Classic Tales from the World of Wall Street. Chapter 12. In Defense of Sterling

## 第十二章：保卫英镑 – 概要 这一章（第十二章）详细讲述了 1960 年代围绕英国英镑的国际货币危机，重点讲述了纽约联邦储备银行（特别是阿尔弗雷德·海斯和查尔斯·库姆斯）为防御货币投机攻击所做的努力。 该章首先描述了纽约联邦储备银行雄伟而严峻的建筑，强调了其作为美国中央银行体系的主要运营机构以及大多数非共产主义国家中央银行的角色。叙述重点介绍了该银行储藏在城市地下深处的大量黄金储备，以及其作为国际金融“透视镜”的功能，能够探测到货币的脆弱性。 该章的核心部分详细描述了英镑日益严重的危机。从 1964 年开始，由于国内过度扩张，英国面临严重的国际收支逆差。这导致了对英镑的信心丧失，即将举行的英国大选以及对工党经济政策的看法加剧了这一局面。货币投机者和紧张的进口商和出口商开始抛售英镑，给英格兰银行维持其固定汇率带来了巨大压力。 纽约联邦储备银行的关键人物阿尔弗雷德·海斯和查尔斯·库姆斯密切关注着局势，不知疲倦地与英国同行（包括克罗默伯爵）和其他中央银行家协调工作。本章详细描述了国际金融交易的复杂机制，解释了货币波动通常如何在约定的范围内进行管理。它强调了货币贬值的潜在破坏性，贬值会导致对其他货币的信心丧失、国际贸易下降，甚至导致经济萧条，让人想起 1931 年的危机。 叙述强调了位于瑞士巴塞尔的国际清算银行 (BIS) 作为中央银行家之间进行非正式讨论的重要论坛的作用，从而促进了国际货币合作。库姆斯参加了在巴塞尔举行的一次会议，会上人们对英镑的日益担忧显而易见。 该章生动地回顾了 1964 年 11 月危机达到顶峰时的事件。工党政府的最初反应被认为是不够的，英格兰银行的储备正在迅速耗尽。在一次戏剧性的举动中，英国政府决定将银行利率提高到 7%（并且打破常规地在周一这样做），以吸引投资并稳定货币。联邦储备银行认识到这场危机有可能蔓延到美元，也提高了自身的贷款利率。 虽然最初的反应是积极的，但信心很快就消失了，英镑再次面临巨大的压力。因此，海斯和库姆斯与他们在华盛顿的同事一起，需要紧急努力为英格兰银行建立大量的外部信贷；建立信贷的最初举措涉及美国大幅增加其自身的财政贡献。这项行动的成功，以及利率提升带来的最初推动力，都取决于是否能够及时获得强大的信贷来源。 该章随后描述了美国人与时间赛跑，从世界各地的中央银行（包括德国、意大利和日本）获得承诺的疯狂一天。最终，协调一致地宣布了 30 亿美元的信贷计划，遏制了投机浪潮。联邦储备银行的干预是对投机者的警告，表明了对英国货币的统一支持。联邦储备银行、财政部和英格兰银行在纽约时间下午 2 点和伦敦时间晚上 7 点发布的新闻稿至关重要，并彻底扭转了市场态度。 该章描述了这一公告的细节和影响，随后详细介绍了海斯总裁和库姆斯副总裁的个人特质。它解释了他们的技能，特别是库姆斯对世界各国中央银行家的熟悉，是如何非常有益的。 该章还强调了国际金融界内部的紧张关系以及多米诺骨牌效应的持续风险。为维持英镑价值的斗争在随后的几个月和几年里继续进行，经历了高峰、低谷和挫折。但没有任何解决方案可以被认为是完全有效的，因为最终保卫英镑的斗争以失败告终。 叙述在 1967 年英镑贬值和随后对美元的攻击中达到高潮。该章以对国际货币体系未来的一种不确定和忧虑感作结。

## Chapter 12: In Defense of Sterling - A Summary Chapter 12 of this transcript provides a detailed account of the international monetary crisis surrounding the British pound sterling in the 1960s, focusing on the efforts of the Federal Reserve Bank of New York, particularly through the actions of Alfred Hayes and Charles Coombs, to defend the currency against speculative attacks. The chapter begins by describing the imposing and austere architecture of the Federal Reserve Bank of New York, emphasizing its role as the chief operating arm of the US central banking system and the central bank for most non-communist countries. The narrative highlights the bank's immense gold reserves, stored deep beneath the city, and its function as a "fluoroscopic vision" into international finance, capable of detecting currency vulnerabilities. The core of the chapter details the escalating crisis of the pound sterling. Starting in 1964, Britain faced a significant balance of payments deficit due to over-exuberant domestic expansion. This led to a loss of confidence in the pound, exacerbated by the uncertainty surrounding the upcoming British election and the perception of the Labour Party's economic policies. Currency speculators and nervous importers and exporters began selling pounds, putting immense pressure on the Bank of England to maintain its fixed exchange rate. Alfred Hayes and Charles Coombs, key figures at the Federal Reserve Bank, closely monitored the situation, working tirelessly to coordinate with their British counterparts, including the Earl of Cromer, and other central bankers. The chapter meticulously describes the intricate mechanics of international financial dealings, explaining how currency fluctuations are normally managed within agreed-upon limits. It highlights the devastating potential of devaluation, which can lead to a loss of confidence in other currencies, a decline in international trade, and even economic depression, recalling the crisis of 1931. The narrative emphasizes the role of the Bank for International Settlements (BIS) in Basel, Switzerland, as a crucial forum for informal discussions among central bankers, facilitating international monetary cooperation. Coombs attends a meeting in Basel where growing concern regarding the pound is apparent. The chapter vividly recounts the events of November 1964, when the crisis reached its peak. The Labour government's initial response was deemed insufficient, and the Bank of England was rapidly depleting its reserves. In a dramatic move, the British government decided to raise the bank rate to 7% (and against ritual do so on a Monday) to attract investment and stabilize the currency. The Federal Reserve Bank, recognizing the potential for the crisis to spread to the dollar, raised its own lending rate as well. Although the initial reaction was positive, confidence quickly eroded, and the pound was once again under intense pressure. Hayes and Coombs, with their Washington colleagues, were thus required to urgently work to build an enormous massing of outside credit to the bank of England; the initial move to build it involved the US increasing their own financial contributions significantly, The success of this campaign, as well as the initial boost from an elevated interest-rate, hung on whether or not a strong credit source could be achieved in time. The chapter then describes a frantic day as the Americans raced against the clock to secure pledges from central banks around the world, including Germany, Italy, and Japan. A coordinated announcement of a $3 billion credit package ultimately stemmed the tide of speculation. The Federal Reserve's intervention served as a warning to speculators, demonstrating a unified front of support for the British currency. The news release by Federal Reserve, Treasury and Bank of England at 2 p.m. in New York and 7 p.m. in London was critical and turned market attitudes on its head. The chapter describes the details and impact of this announcement, followed by details regarding the characters of President Hayes and Vice President Coombs. It is explained how their skills, particularly Croombs familiarity with the central bankers of the world, were highly beneficial. The chapter also highlights the tensions within the international financial community and the constant risk of a domino effect. The fight to maintain the pound's value continues over subsequent months and years, with peaks, valleys and setbacks. But none of the solutions found can be viewed as fully effective, because in the end the fight for sterling ended in defeat. The narrative culminates with the 1967 devaluation of the pound and the subsequent attack on the dollar. The chapter concludes with a sense of uncertainty and apprehension about the future of the international monetary system.