from Schiff Gold
On April 5 1933, Franklin D. Roosevelt abandoned the gold standard, wielding questionable legal power amidst America’s dire economic depression. His whimsical approach to monetary policy, including coin flips and lucky numbers, unleashed unprecedented inflation and price increases that have since amounted to nearly 2500%. Our guest commentator explores this tragic history and the legacy of enduring economic turmoil that still plagues America today.
The world is full of scraps of paper today. – Benjamin Anderson, economist, Chase Manhattan Bank (1920 – 1939)
April 1933 found America mired in a crushing economic depression, and newly elected president Franklin DeLano Roosevelt — who had declared the previous month he had a legal power derived from the Trading with the Enemy Act to assume control of our monetary system — responded by taking America off the gold standard.