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https://www.history.com/this-day-in-history/fdr-takes-united-states-off-gold-standard?cmpid=email-hist-tdih-2022-0 [login to see] 2&om_rid=
On June 5, 1933, the United States went off the gold standard, a monetary system in which currency is backed by gold, when Congress enacted a joint resolution nullifying the right of creditors to demand payment in gold. The United States had been on a gold standard since 1879, except for an embargo on gold exports during World War I, but bank failures during the Great Depression of the 1930s frightened the public into hoarding gold, making the policy untenable.
On June 5, 1933, the United States went off the gold standard, a monetary system in which currency is backed by gold, when Congress enacted a joint resolution nullifying the right of creditors to demand payment in gold. The United States had been on a gold standard since 1879, except for an embargo on gold exports during World War I, but bank failures during the Great Depression of the 1930s frightened the public into hoarding gold, making the policy untenable.
FDR takes United States off gold standard
Posted from history.com
American History
Economy
Banking
Office of the President (POTUS)
Edited >1 y ago
Posted >1 y ago
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FDR was wise in what he did, it helped the country slowly but steadily get back on it's feet ma'am Lt Col Charlie Brown
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Fiat money is never a good idea, or should I say govt. controlled money is never a good idea.
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