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The bank runs were caused by banks failing. There was a run on gold, but it was the Bank of France trying to build up its gold reserves.
by QuesnayJr 6y ago
The bank runs were caused by banks failing. There was a run on gold, but it was the Bank of France trying to build up its gold reserves.
- WalterBright 6y agoThe runs stopped when FDR suspended exchanging dollars for gold. Once people realized that the official exchange rate was a 50% off on gold sale, there was no stopping the rush to exchange.
- QuesnayJr 6y agoFDR also announced a bank holiday and by the time the banks opened deposit insurance.