The Only Thing We Have to Fear is Fear Itself

Colin Read
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Colin Read: SUNY College at Plattsburgh

Chapter 25 in Global Financial Meltdown, 2009, pp 194-200 from Palgrave Macmillan

Abstract: Abstract Franklin Delano Roosevelt (FDR) was the first economic commander in chief of the modern era. It is ironic that his first economic action once he was inaugurated on March 4, 1933 was to promptly shut down banks and financial markets for two weeks. Everyone needs a holiday once in a while, but this bank holiday was of absolute necessity. As discussed, there was a terrible run on the banks that threatened the industry, with half the banks in the United States wiped out between the years 1929 to 1933.

Keywords: Economic Commander; Inaugural Address; International Trade Relation; Market Holiday; Money Changer (search for similar items in EconPapers)
Date: 2009
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DOI: 10.1057/9780230595187_25

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