Lombard Street

The book delves into the evolving role of the Bank of England in the bullion market, emphasizing the necessity for a larger banking reserve and increased vigilance in response to modern financial forces. It critiques the governing body's understanding of these changes, particularly highlighting a significant misjudgment regarding reserve requirements. The narrative also explores chronic issues within the Bank's governance, such as the indecisiveness of new Governors and their slow response to raising interest rates, which can exacerbate financial instability.