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We went off the gold standard in 1914. There was a minor depression in 1920, but the government did nothing and it resolved itself. In 1929, the government de
by econgeeker 15y ago
We went off the gold standard in 1914. There was a minor depression in 1920, but the government did nothing and it resolved itself. In 1929, the government decided to abandon that policy and took action, and by 1933 the use of gold as money in the USA was forbidden by executive order.
When you criminalize the wealth of the country, it is hard to blame people's use of that wealth for the problem. By 1933 it was literally a crime for money (in the form of gold) to circulate, and much of it was sent overseas to hide it.