When the South Sea Bubble burst in 1720, however, thousands of investors were affected and the Chancellor of the Exchequer was sent to the Tower of London.” Although the web site does not elaborate, that eighteenth century chancellor was guilty of dubious practices that appear eerily contemporary.
Fortunately, modern chancellors, including the eminent incumbent, appear at the Tower these days in a more benign context. In a more serious vein, I am daily reminded of the special relationship the Federal Reserve has had over the decades with decisionmakers from the British government.