FDR Ends Gold Standard in 1933

After other countries abandoned the gold standard in the early days of the Great Depression, the Hoover administration stayed on in, even though doing so may U.S. goods less competitive. Franklin Roosevelt effectively abandoned the gold standard in 1933. He returned to a modified version of it the following year but with the price of gold raised to $35 per ounce. After WW2, the Roosevelt $35 price became enshrined in the Bretton Woods international monetary system until President Nixon ended that system in 1971.

Channel: News & Politics
Uploaded: August 11, 2007 at 10:08 pm
Author: danieljbmitchell

Length: 04:02
Rating: 4.86
Views: 7830

Tags: exchange-rate  FDR  gold  gold-standard  Great-Depression  Hoover  Roosevelt  

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