Central banks take orders from states in war. Total warfare of World War 1 and increases in voting rights did not shake the full central banks from complacency and contempt for ‘the poor’ still evident in neo-classical theorems and medicines. WW1 saw the switch to US supremacy as chief WW1 creditor, ably helped by Wall St’s dominance, while the 1920 CB recession and UK return to gold broke Britain’s economy, further lifting Wall St. These effects and war finance are mostly ignored in monetary debates (overstressing hyperinflation and reparations). Nuclear war build-ups and less ‘total’ wars require funding but sources vary. WW2 had progressive taxes, controlled borrowing and price controls, whereas WW1 borrowing left price and bank-money inflation. The 1920s saw brutality to demobilized soldiers and civilians of most combatants. The US built its industrial base to outstrip the world, from its system of war credits to Allies. The old and new hegemons battled for supremacy over the world’s citizens while rentier classes basked in war (lending) wealth. Roles of British, American, French and German central bankers ‘who broke the world’ are assessed, given vicious financial diplomacy, war debts among Allies, and status quo ante resistance of the City to Wall St.