On this last point, there was never any doubt about US intentions, and they were made crystal clear at Bretton Woods. This remarkable gathering, held in chilly New Hampshire and hailed as the most important international conference since the Paris peace talks of 1919, paved the way for the creation of the International Monetary Fund and the World Bank. But it also allowed the Americans to impose on the 44 participating countries, including a reluctant Britain, its own vision of the world monetary system, one in which the dollar would reign supreme.

The British team at Bretton Woods was impressive — not just Keynes, the world's first celebrity economist, but other powerful intellects such as Lionel Robbins and Dennis Robertson. However, the hand they had to play could hardly have been weaker, and they were faced by a US administration which was determined to dethrone sterling and to dismantle, or at least to weaken, the empire.

The principal architect of this hard-line policy was Harry Dexter White, who made up for any shortcomings as an economist with gritty intelligence, relentless drive and command of detail. He was also ruthless in ignoring or crushing any threats to his goal, which was nothing less than US global financial domination.

The clash between Keynes and White forms a central theme in Benn Steil's absorbing book, which should be required reading for anyone who wants to understand the not-so-special relationship between the US and Britain.