On this basis, which was originally financial and goes back to George Peabody, there grew up in the twentieth century a power structure between London and New York which penetrated deeply into university life, the press, and the practice of foreign policy.

The basis of social relationships is reciprocity: if you cooperate with others, others will cooperate with you.

I came into history from a primary concern with mathematics and science. This has been a tremendous help to me as a person and as a historian, although it must be admitted it has served to make my historical interpretations less conventional than may be acceptable of many of my colleagues in the field.

The powers of financial capitalism had a far-reaching aim, nothing less than to create a world system of financial control in private hands able to dominate the political system of each country and the economy of the world as a whole. This system was to be controlled in a feudalist fashion by the central banks of the world acting in concert, by secret agreements arrived at in frequent meetings and conferences.

The history of the last century shows, as we shall see later, that the advice given to governments by bankers, like the advice they gave to industrialists, was consistently good for bankers, but was often disastrous for governments, businessmen, and the people generally.

Inflation, especially a slow steady rise in prices, encourages producers, because it means that they can commit themselves to costs of production on one price level and then, later, offer the finished product for sale at a somewhat higher price level. This situation encourages production because it gives confidence of an almost certain profit margin.

For years I have told my students that I been trying to train executives rather than clerks. The distinction between the two is parallel to the distinction previously made between understanding and knowledge. It is a mighty low executive who cannot hire several people with command of more knowledge than he has himself.