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American Default: The Untold Story of FDR, the Supreme Court, and the Battle over Gold
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<p>[QUOTE="GoldFinger1969, post: 24557201, member: 73489"]<b><i>What did you think about the focus on the "gold clauses" in bonds ?</i></b> That was something new to me (I'm just now getting to the arguments before SCOTUS).</p><p>That's what the consensus thought would happen; that you couldn't make it retroactive but could prohibit it going forward. I haven't read the actual decisions yet but did read FDR's arguments that they could change monetary policy at will.</p><p><b>So basically you had 3 items that comprised the War On Gold:</b></p><ol> <li>Prohibition on holding gold coins and gold bars (the metal) except 5 coins per adult excluding numismatic coins with special value.</li> <li>Prohibition on gold certificates.</li> <li>Prohibition on gold clauses being followed in bonds.</li> </ol><p>Less than 2%, I believe. Maybe even less (I think it was 2% when I was in college in the 1980's).</p><p><br /></p><p>100% agreement on commodity price obsession -- again, we were mostly a rural agricultural economy back then.</p><p>Could have used more than footnotes to talk about all the bank failures in 1932-33 (about 7,000 I believe) and relate this to the falling money supply as talked about by Friedman/Schwartz in <i>A Monetary History.</i></p><p><i><br /></i></p><p><b>Note the turf wars alluded to in the book between the Fed and Treasury. </b>Back then, the Fed was basically under the Treasury's thumb. It wasn't until 1951 when you had the Fed-Treasury Accord of 1951 that the Fed was truly independent and in charge of monetary policy.[/QUOTE]</p><p><br /></p>
[QUOTE="GoldFinger1969, post: 24557201, member: 73489"][B][I]What did you think about the focus on the "gold clauses" in bonds ?[/I][/B] That was something new to me (I'm just now getting to the arguments before SCOTUS). That's what the consensus thought would happen; that you couldn't make it retroactive but could prohibit it going forward. I haven't read the actual decisions yet but did read FDR's arguments that they could change monetary policy at will. [B]So basically you had 3 items that comprised the War On Gold:[/B] [LIST=1] [*]Prohibition on holding gold coins and gold bars (the metal) except 5 coins per adult excluding numismatic coins with special value. [*]Prohibition on gold certificates. [*]Prohibition on gold clauses being followed in bonds. [/LIST] Less than 2%, I believe. Maybe even less (I think it was 2% when I was in college in the 1980's). 100% agreement on commodity price obsession -- again, we were mostly a rural agricultural economy back then. Could have used more than footnotes to talk about all the bank failures in 1932-33 (about 7,000 I believe) and relate this to the falling money supply as talked about by Friedman/Schwartz in [I]A Monetary History. [/I] [B]Note the turf wars alluded to in the book between the Fed and Treasury. [/B]Back then, the Fed was basically under the Treasury's thumb. It wasn't until 1951 when you had the Fed-Treasury Accord of 1951 that the Fed was truly independent and in charge of monetary policy.[/QUOTE]
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