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L'entre-deux guerres est la période au cours de laquelle les États-Unis deviennent la première puissance mondiale. Les États-Unis concurrencent les Anglais sur les prêts extérieurs à court terme. Ces derniers vont prêter avec des conditions plus avantageuses et moins regardantes. Cela va poser un problème car il va être désormais aussi intéressant de placer son argent à New York qu'à Londres. Le dollar a alors un pouvoir d'attraction de la monnaie, ce qui augmente sa valeur et diminue celle de la livre sterling, à un moment où l'Angleterre voulait rétablir la convertibilité d'avant-guerre.

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