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CHAPTER ELEVEN

         Lord Montagu Norman

The collaboration between Benjamin Strong and Lord Montagu 

Norman is one of the greatest secrets of the twentieth century. 

Benjamin Strong married the daughter of the president of Bankers Trust 

in New York, and subsequently succeeded to its presidency. Carroll 

Quigley, in Tragedy and Hope says: "Strong became Governor of the 

Federal Reserve Bank of New York as the joint nominee of Morgan and 

of Kuhn, Loeb Company in 1914."87

Lord Montagu Norman is the only man in history who had both his 

maternal grandfather and his paternal grandfather serve as Governors 

of the Bank of England. His father was with Brown, Shipley Company, 

the London Branch of Brown Brothers (now Brown Brothers Harriman). 

Montagu Norman (1871-1950) came to New York to work for Brown 

Brothers in 1894, where he was befriended by the Delano family, and 

by James Markoe, of Brown Brothers. He returned to England, and in 

1907 was named to the Court of the Bank of England. In 1912, he had 

a nervous breakdown, and went to Switzerland to be treated by Jung, 

as was fashionable among the powerful group which he represented.*

Lord Montagu Norman was Governor of the Bank of England from 1916 

to 1944. During this period, he participated in the central bank 

conferences which set up the Crash of 1929 and a worldwide 

depression. In The Politics of Money by Brian Johnson, he writes, "Strong 

and Norman, intimate friends, spent their holidays together at Bar 

Harbour and in the South of France." Johnson says, "Norman therefore