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<p>[QUOTE="GoldFinger1969, post: 22139807, member: 73489"]<b><span style="color: #0000ff">Some interesting tidbits from </span></b><i>American Default</i> ; <b><span style="color: #0000ff">I've made it through a few chapters so far:</span></b></p><ul> <li>FDR while campaigning in the final weeks of the 1932 campaign...was cagey and deceptive and objected when attacked as being a "devaulationist" or willing to tinker with the value of gold. While he did not offer any outright hard policy prescriptions or promises or red lines, he did cover his you-know-what by saying he had no plans to do what the Hoover campaign attacked him on. Of course, once in office he did a 180.<img src="https://content.invisioncic.com/r266626/emoticons/laugh.png" class="bbCodeImage wysiwygImage" alt="" unselectable="on" /></li> </ul><p> <ul> <li>Once FDR was elected but before sworn-in, lame-duck Hoover tried to coordinate policies with the incoming FDR team to stop bank failures, currency and gold drain, etc. But FDR wouldn't commit to anything so Hoover's hands were tied. FDR's team really didn't look good as they ended up doing pretty much what the Hoover folks were saying they could have done weeks or months sooner.</li> </ul><p> <ul> <li>A week after the Emergency Banking Act was passed by FDR during his first days, the government sold $800 MM in Treasuries....<i>WITH the gold clause they were eliminating elsewhere ! <img src="https://content.invisioncic.com/r266626/emoticons/ohmy.png" class="bbCodeImage wysiwygImage" alt="" unselectable="on" /> .</i></li> </ul><p> <ul> <li>After the EBA was passed, gold holdings continued to decline. By mid-March it was estimated that about $1 BB was being hoarded in gold coins, gold certificates, and currency. They fell $188 MM in 3 weeks from the time of the EBA.</li> </ul><p> <ul> <li>On March 3rd, 1933.....the FRB NY lost $250 MM in gold and $150 MM in currency and fell below the 40% backing of currency with gold ($250 MM short of the target).</li> </ul><p><b>Really enjoying this book. </b> Could have thicker/additional data in the footnotes, which would also be better at the bottom of the book instead of at the end. Minor quibbles, though. <img src="styles/default/xenforo/clear.png" class="mceSmilieSprite mceSmilie8" alt=":D" unselectable="on" unselectable="on" />[/QUOTE]</p><p><br /></p>
[QUOTE="GoldFinger1969, post: 22139807, member: 73489"][B][COLOR=#0000ff]Some interesting tidbits from [/COLOR][/B][I]American Default[/I] ; [B][COLOR=#0000ff]I've made it through a few chapters so far:[/COLOR][/B] [LIST] [*]FDR while campaigning in the final weeks of the 1932 campaign...was cagey and deceptive and objected when attacked as being a "devaulationist" or willing to tinker with the value of gold. While he did not offer any outright hard policy prescriptions or promises or red lines, he did cover his you-know-what by saying he had no plans to do what the Hoover campaign attacked him on. Of course, once in office he did a 180.[IMG]https://content.invisioncic.com/r266626/emoticons/laugh.png[/IMG] [/LIST] [LIST] [*]Once FDR was elected but before sworn-in, lame-duck Hoover tried to coordinate policies with the incoming FDR team to stop bank failures, currency and gold drain, etc. But FDR wouldn't commit to anything so Hoover's hands were tied. FDR's team really didn't look good as they ended up doing pretty much what the Hoover folks were saying they could have done weeks or months sooner. [/LIST] [LIST] [*]A week after the Emergency Banking Act was passed by FDR during his first days, the government sold $800 MM in Treasuries....[I]WITH the gold clause they were eliminating elsewhere ! [IMG]https://content.invisioncic.com/r266626/emoticons/ohmy.png[/IMG] .[/I] [/LIST] [LIST] [*]After the EBA was passed, gold holdings continued to decline. By mid-March it was estimated that about $1 BB was being hoarded in gold coins, gold certificates, and currency. They fell $188 MM in 3 weeks from the time of the EBA. [/LIST] [LIST] [*]On March 3rd, 1933.....the FRB NY lost $250 MM in gold and $150 MM in currency and fell below the 40% backing of currency with gold ($250 MM short of the target). [/LIST] [B]Really enjoying this book. [/B] Could have thicker/additional data in the footnotes, which would also be better at the bottom of the book instead of at the end. Minor quibbles, though. :D[/QUOTE]
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