Loading, please wait...
:

product description page

American Default : The Untold Story of FDR, the Supreme Court, and the Battle over Gold - (Hardcover)

American Default : The Untold Story of FDR, the Supreme Court, and the Battle over Gold -  (Hardcover) - image 1 of 1

About this item

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.

Number of Pages: 252
Genre: Business + Money Management, Political Science
Format: Hardcover
Publisher: Princeton Univ Pr
Author: Sebastian Edwards
Language: English
Street Date: May 22, 2018
TCIN: 53362640
UPC: 9780691161884
Item Number (DPCI): 248-66-2151
If the item details above aren’t accurate or complete, we want to know about it. Report incorrect product info.
$26.95
MSRPReg: $29.95 Save $3.00 (10% off)
Shipping
In stock - free standard shipping with REDcard
Not in stores
Loading, please wait...

Ratings & reviews

Prices, promotions, styles and availability may vary by store & online. See our price match guarantee. See how a store is chosen for you.


*See offer details. Restrictions apply. Pricing, promotions and availability may vary by location and at Target.com.