Sebastian Edwards
American Default: The Untold Story of FDR, the Supreme Court, and the Battle over Gold
American Default: The Untold Story of FDR, the Supreme Court, and the Battle over Gold
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- More about American Default: The Untold Story of FDR, the Supreme Court, and the Battle over Gold
In 1933, to pull the country out of depression, FDR depreciated the US dollar in relation to gold, annulling all debt contracts. American Default provides a compelling account of this economic and legal drama.
Format: Paperback / softback
Length: 288 pages
Publication date: 10 September 2019
Publisher: Princeton University Press
The untold story of how FDR did the unthinkable to save the American economy
The American economy is a testament to the resilience and strength of its institutions. One of the key factors contributing to this stability is the widespread belief that the United States will never default on its debt. However, in 1933, Franklin D. Roosevelt took a bold and unprecedented action that threatened to undermine this confidence.
In a bid to pull the country out of the depths of the Great Depression, Roosevelt decided to depreciate the US dollar in relation to gold. This decision effectively annulled all debt contracts, as the value of the dollar plummeted. The move was controversial and met with fierce opposition from those who believed in the sanctity of contracts.
From FDR's order for Americans to sell the government all their gold holdings to the Supreme Court confrontation that threatened to finish the New Deal, American Default provides a compelling account of an economic and legal drama that embroiled a nation.
The decision to depreciate the dollar was a controversial one, as it violated the gold standard that had been in place for decades. The gold standard was a monetary system in which the value of a country's currency was tied to the amount of gold it held. By depreciating the dollar, Roosevelt effectively made it less valuable in terms of gold, which meant that creditors could demand more gold in exchange for their loans.
This move was met with outrage from those who believed in the stability of the gold standard. They argued that it would lead to inflation, economic instability, and a loss of confidence in the US economy. However, Roosevelt argued that the gold standard was no longer sustainable in the face of the Great Depression. He believed that by depreciating the dollar, the US could stimulate economic growth and create jobs.
The Supreme Court was also called upon to weigh in on the matter. In a landmark decision known as the Gold Clause Case, the Court ruled that the government could not force Americans to sell their gold holdings. This decision was a significant victory for Roosevelt and the New Deal, as it allowed the government to continue its economic policies without interference from the courts.
Despite the controversy and opposition that surrounded the decision to depreciate the dollar, it ultimately helped to save the American economy. By reducing the value of the dollar, the US could export more goods and services, which led to increased economic growth and job creation. The move also helped to stabilize the banking system, as it reduced the amount of gold that banks were required to hold, which allowed them to lend more money to businesses and consumers.
In conclusion, the untold story of how FDR did the unthinkable to save the American economy is a testament to the resilience and strength of the US economy. Despite the controversy and opposition that surrounded the decision to depreciate the dollar, it ultimately helped to stabilize the banking system, stimulate economic growth, and create jobs. The decision to depreciate the dollar was a bold and unprecedented move, but it was necessary to save the country from the depths of the Great Depression.
Weight: 326g
Dimension: 156 x 232 x 20 (mm)
ISBN-13: 9780691196046
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