This account of monetary regimes since 1900 shows how the role of policy has changed, and how this has related to experience of inflation and the real economy, as well as to changes in political philosophies. The narrative concentrates on developments in America, Europe and Japan from the era of the classical gold standard, via the era of policy intervention and reduced faith in the market to the present "neo-liberal" regimes. It is argued that no school of macroeconomics is right for all time; different theoretical models may be appropriate.

The fascinating story of a Cunard vessel that became the last German flagship, adored by France, and popular around the world TS "Bremen" was one of the most popular liners operating across the Atlantic. Built for the French as the SS "Pasteur," she made a dramatic escape in 1940 carrying 200 tons of French gold bullion reserves to Halifax, Nova Scotia. Requisitioned by the British under Cunard, she became a hospital troopship, carrying 300,000 Allied troops around the world, with a major role in supplying the Battle of El Alamein. Charles de Gaulle claimed that the "Pasteur" s contribution...