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Ellie

Economic Historians - Help Needed

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Sorry - this is a bit obscure - and for reasons I won't bore you with, I would like to know what caused the run on sterling in September 1931 and the ditching of the Gold Standard on 20th September that year? In particular - did it relate to the Invergordon Mutiny four days previously? Help appreciated.

Plea to Mods - can you let this stay at least for a day or two in the main forum? Even though it shouldn't be there really. ;)

Ta

Ellie

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Sorry - this is a bit obscure - and for reasons I won't bore you with, I would like to know what caused the run on sterling in September 1931 and the ditching of the Gold Standard on 20th September that year? In particular - did it relate to the Invergordon Mutiny four days previously? Help appreciated.

Plea to Mods - can you let this stay at least for a day or two in the main forum? Even though it shouldn't be there really. ;)

Ta

Ellie

It was the French: http://www.econ.ucdavis.edu/seminars/papers/472/4722.pdf

Although I expect it was also (like now) because the outgoing Labour government had bankrupted the nation.

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Thanks - Fascinating!

On strict orders of Churchill (Blitish Aristocracy & Occultist),

"British Prime Minister Winston Churchill issued the order to "Sink the Bismarck, spurring a relentless pursuit by the Royal Navy."

Many of the main Destroyers/battle cruisers involved in the 'uprising' were sent up against the Bismark on a suicide mission by the UK's knobs to 'do their duty'!

Was "ageing battlecruiser" Hood sacrificed along with 1000's of it's men as punishment for singing the RED Flag which had upset the UK Aristocratic Applecart?

Ten warships arrived in port on 11 September: Hood (the flagship), Adventure, Dorsetshire, Malaya, Norfolk, Repulse, Rodney, Valiant, Warspite and York. After arriving, officers and crew had access to newspapers, which contained reports of the pay cuts. On the night of 12 September, a group of sailors met at a football field on land. They voted to organise a strike and left singing the Red Flag.

Crews on the battlecruiser Hood and three battleships (Rodney, Valiant and Nelson) intended to prevent their ships from sailing in practice manoeuvres the next day; the protests were confined to ratings below leading rate, and did not show any animosity towards officers.

On Hood and Nelson, crews carried out the ordinary harbour routine, merely refusing to put to sea. On Valiant and Rodney, crews only carried out essential duties, including the provision of safety patrols and fire guards, and did so without any recourse to their officers, even Royal Marines, expected to enforce discipline and break up any mutiny, joined the strike!

A number of the organisers of the strike were jailed, while a total of 200 sailors from the Atlantic Fleet were discharged from the service. A further 200-odd sailors were purged from elsewhere in the navy, accused of attempting to incite similar incidents.

The Invergordon Mutiny caused a panic on the London Stock Exchange and a run on the pound, bringing Britain's economic troubles to a head that forced it off the Gold Standard on 20 September 1931.

Was this the excuse Aristocratic Pirates used to captcha the UK's gold/banking reform in their manner!

Did the frightened Aristocracy get the gold ready for flight out of the UK?

Transfered out of reach to Fort Knox, USA?

To offset the high tension & of a UK wide Civil rebellion >>>

this all fits in with when UK knobs introduced the beginings of a benefit system for those out of work , early NHS + 30's mass expansion of council/houses "for war heroes" (released big amounts of land for building) - they also took it upon themselves to flatten off the wealth pyramid to make themselves less visible!!

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It was all Churchill's fault for going back on the gold standard in the 20s. Meanwhile the French had devalued and had an export based boom and had sucked in all of Europe's gold at least.

The late 20s were indeed roaring in the US, but it was like a depression in the industrial heartlands of the UK. Same as ever the SE did alright.

Moral of the story: devalue and devalue again. Race to the bottom baby.

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It was all Churchill's fault for going back on the gold standard in the 20s. Meanwhile the French had devalued and had an export based boom and had sucked in all of Europe's gold at least.

The late 20s were indeed roaring in the US, but it was like a depression in the industrial heartlands of the UK. Same as ever the SE did alright.

Moral of the story: devalue and devalue again. Race to the bottom baby.

he tried to go back on at the same price as before WW1 - before they printed loads of money to kill people with

obviously it was doomed to fail

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On strict orders of Churchill (Blitish Aristocracy & Occultist),

"British Prime Minister Winston Churchill issued the order to "Sink the Bismarck, spurring a relentless pursuit by the Royal Navy."

Many of the main Destroyers/battle cruisers involved in the 'uprising' were sent up against the Bismark on a suicide mission by the UK's knobs to 'do their duty'!

Was "ageing battlecruiser" Hood sacrificed along with 1000's of it's men as punishment for singing the RED Flag which had upset the UK Aristocratic Applecart?

Uh, I think the answer to that would be no?

Hood was with Prince of Wales at the Denmark Strait, which as a King George V class battleship was the most modern type available in the fleet. Not obsolete crap sent to die.

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<br />Uh, I think the answer to that would be no?<br /><br />Hood was with Prince of Wales at the Denmark Strait, which as a King George V class battleship was the most modern type available in the fleet. Not obsolete crap sent to die.<br />
<br /><br /><br />

Hood was seriously deficient and out gunned! Design started around 1910!

She was one of four Admiral class battlecruisers ordered in mid-1916 under the Emergency War Programme.

After being laid down, her design was drastically revised after the Battle of Jutland; however, the revised design still had serious limitations.

For this reason, and because of evidence that the German battlecruisers that they were designed to counter were unlikely to be completed, work on her sister ships was suspended in 1917, leaving Hood as Britain's last completed purpose-built battlecruiser.

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To add to my earlier reply the fact that the UK had gone back on the gold standard at too high an exchange rate was the ultimate cause of the 1931 devaluation, the proximate cause was the contagion caused by the collapse of Credit Anstalt in Austria earlier in the year. This set off a wave of bank runs and eventual collapses around the world.

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  • 150 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
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      • up 5%



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