Gold, the Brains Trust, and Roosevelt

Sebastian Edwards

History of Political Economy, 2017, vol. 49, issue 1, 1-30

Abstract: In this article I revisit the period leading to the abandonment of the gold standard by the US government in 1933, and I investigate whether there was a preconceived plan to take the country off gold. My conclusion is that in 1932, during the primary and presidential campaigns, neither Roosevelt nor his influential inner circle, a group known as the Brains Trust, had very strong views on gold or the dollar. They did believe in the need to experiment, and tinkering with the currency was a possible area for experimentation, but it was an option with a low priority.

Date: 2017
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