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 and get people back to work, he depreciated the U.S. dollar in relation to gold and annulled debt contracts retroactively. American Default is the story of this forgotten chapter in America's history.
Sebastian Edwards provides a masterful account of the economic and legal drama that embroiled a nation already reeling from global financial collapse. It began on April 5, 1933, when FDR ordered Americans to sell all their gold holdings to the government. This was followed by the removal of the country from the gold standard, the unilateral and retroactive rewriting of contracts, and the devaluation of the dollar. Anyone who held public and private debt suddenly saw its value reduced by nearly half, and debtors--including the U.S. government--suddenly owed their creditors far less. Revaluing the dollar imposed a hefty loss on investors and savers, many of them middle-class American families. The banks fought back, and a bitter battle for gold ensued. In early 1935, the case went to the Supreme Court. Edwards describes FDR's rancorous clashes with conservative Chief Justice Charles Evans Hughes, a confrontation that threatened to finish the New Deal for good--and that led to FDR's attempt to pack the court in 1937.
At a time when several major economies are on the brink of default or devaluing or recalling currencies, American Default is a timely account of a little-known yet drastic experiment with these policies, the inevitable backlash, and the ultimate result.
Автор: Robinson Merritt M. Название: Reports of Cases Argued and Determined in the Supreme Court of Louisiana, Vol. 9: From 1 September, 1844, to 28 February, 1845 (Classic Reprint) ISBN: 1528468066 ISBN-13(EAN): 9781528468060 Издательство: Неизвестно Цена: 34030.00 T Наличие на складе: Невозможна поставка. Описание: Excerpt from Reports of Cases Argued and Determined in the Supreme Court of Louisiana, Vol. 9: From 1 September, 1844, to 28 February, 1845 Beasley v. Allen Beattie, mccollom v. Bell, Mitcheltree v. Bernard, Parker v. Berg erot v. Farish Bisland, Priestley v. Bludworth v. Hunter v.lambetl1 Bollenh agen, Hebrard v. Bordelon, Trichelv Botts, New Orleans Gas Light and Banking Com pany v. Boudousqui , Succession of Boudreau, Labauve v. Boyers v. Vinson Bozant v. Campbell Brashear, Gardiner v. Hyde v. Preston v. Simonce v. V. La v.1te 41 v. Wilkins 539 Breaux v. Carmouche 522 Briant, Marsh v. About the Publisher Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.com This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works.
