Eddie Hobbs: Central bankers as fallible now as they were in Great Depression

They may yet transpire to be the cause of the intermittent financial bubbles that have shaken the global economy since 2008, as they were in the late 1920s, says Eddie Hobbs

Long Island, July 1927. In secret talks, held without minutes, four men met for five days at the home of Ogden Livingston Mills, set among the grand estates of America’s wealthiest, the Vanderbilts, Astors, Duponts, Hearsts, and Morgans.

Mills, a wealthy Republican, who, having failed to make governor of New York was appointed undersecretary to the Treasury, hosted Benjamin Strong, the governor of the New York Fed, Montagu Norman, governor of the Bank of England, Charles Rist, deputy governor, Banque de France, and Hjalmar Schacht, chief of the Reichsbank, who would go on to be the Nazi’s favourite banker.