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010 _a 2017959002
020 _a9780691161884 (hardcover : alk. paper)
020 _a0691161887 (hardcover : alk. paper)
035 _a(OCoLC)on1004935100
040 _aYDX
_beng
_cYDX
_erda
_dBDX
_dTOH
041 _aeng
042 _alccopycat
043 _an-us---
050 1 4 _aHC 106.3
_bE26a 2018
082 0 0 _a339.5/3097309043
100 1 _aEdwards Figueroa, Sebastián,
_d1953-
_927725
245 1 0 _aAmerican default :
_bthe untold story of FDR, the Supreme Court, and the battle over gold /
_cSebastian Edwards.
246 3 0 _aUntold story of FDR, the Supreme Court, and the battle over gold
246 3 0 _aUntold story of Franklin Delano Roosevelt, the Supreme Court, and the battle over gold
264 1 _aPrinceton, New Jersey :
_bPrinceton University Press,
_c[2018]
300 _axxxiii, 252 pages :
_billustrations, charts ;
_c25 cm
336 _atext
_btxt
_2rdacontent
337 _aunmediated
_bn
_2rdamedia
338 _avolume
_bnc
_2rdacarrier
504 _aIncludes bibliographical references (pages 235-242) and index.
520 _a"The untold story of how FDR did the unthinkable to save the American economy. 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, he depreciated the U.S. dollar in relation to gold, effectively annulling all debt contracts. American Default is the story of this forgotten chapter in America's history.Sebastian Edwards provides a compelling 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 abandonment of 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 never approached 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"--Provided by publisher.
650 4 _aNew Deal, 1933-1939
_98031
650 0 _aDepreciation
_zUnited States
_xHistory
_y20th century.
650 4 _aDepreciación
_zEstados Unidos
_ySiglo XX
_930393
650 0 _aDefault (Finance)
651 4 _aEstados Unidos
_91552
_xCondiciones económicas
906 _a7
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942 _2lcc
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