American Default
The Untold Story of FDR, the Supreme Court, and the Battle over Gold
Will be published approx. on 10. September 2019
Book
Paperback/Softback
288 pages
978-0-691-19604-6 (ISBN)
Description
The untold story of how FDR did the unthinkable to save the American economy
The American economy is strong in large part because nobody believes that America would ever default on its debt. Yet in 1933, Franklin D. Roosevelt did just that, when in a bid to pull the country out of depression, he depreciated the US dollar in relation to gold, effectively annulling all debt 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 American economy is strong in large part because nobody believes that America would ever default on its debt. Yet in 1933, Franklin D. Roosevelt did just that, when in a bid to pull the country out of depression, he depreciated the US dollar in relation to gold, effectively annulling all debt 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.
Reviews / Votes
"Brilliantly told."-Steve Hanke, Forbes "A superb history."-David Frum "The story is fascinating and the lessons eternal."-Martin Wolf, Financial Times "American Default is the history of that mighty legal, moral, political and monetary controversy, the effects of which are with us still."-James Grant, Wall Street Journal "A magnificent piece of scholarship . . . [that] illustrates the benefits of historical distance in evaluating major events."-Kenneth Rogoff, Project Syndicate "Admirably accessible and illuminating."-Benn Steil, Financial WorldMore details
Language
English
Place of publication
New Jersey
United States
Target group
College/higher education
Professional and scholarly
Product notice
Paperback (trade)
Illustrations
33 b/w illus.
Dimensions
Height: 233 mm
Width: 157 mm
Thickness: 20 mm
Weight
426 gr
ISBN-13
978-0-691-19604-6 (9780691196046)
Copyright in bibliographic data and cover images is held by Nielsen Book Services Limited or by the publishers or by their respective licensors: all rights reserved.
Schweitzer Classification
Other editions
Additional editions
Sebastian Edwards
American Default
The Untold Story of FDR, the Supreme Court, and the Battle over Gold
E-Book
08/2018
1st Edition
Princeton University Press
€19.49
Available for download
Person
Sebastian Edwards is the Henry Ford II Professor of International Economics at the University of California, Los Angeles. His books include Toxic Aid and Left Behind.