Part 2 Chapter 22 Appeasement Summary and Analysis

The House of Morgan is always Anglo-American in nature and character. As World War II approaches, tensions grow between the offices. Jack favors his London estates and prefers to be there. He is a friend of the royal family. There are many marriages within the London office families and they hire from within their families and friends. J.P. Morgan and Company is a minority shareholding in Morgan, Grenfell after the Glass-Steagall Act. The bone of contention between the offices is the war debt from World War I.

When Hitler invades Austria in March 1938, the fear is that Austria will default on their reconstruction loan. Walter Funk, the new economics minister, is saying that the Austrian loans are a form of reparations. In June there is an announcement of the settlement on the debt between Germany and...