... the banking crisis were modest, and, in the light of the results, manifestly inadequate. In many cases, the constraints of the gold standard inhibited adequate easing of monetary policy. And ... game’ included raising discount rates when gold was flowing out, and lowering them when gold was flowing in. By following the rules, central banks could reinforce the automatic functioning of ... they fell only in the U.K., Russia, Switzerland, Hong Kong and Singapore. The widespread falls in bank deposits in 1931 were only the beginning of the story and they were followed in most countries...