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<p>[QUOTE=&quot;medoraman, post: 1264661, member: 26302&quot;]Effectively this devalued the USD by 70%. Because it now took $35 to buy the same items that it once took $20 to buy it was a big reduction in the standard of living and many who understand this would say this was the primary reason of the hardships of the 30s. The devaluation gave FDR all the money he needed to start his massive government spending programs. They still had the problem with silver convertibility, but this would not manifest itself until decades later. So from 1933 on, American&#039;s standard of living was decreased by 70% due to this currency manipulation/debasement.</p><p><br /></p><p>Read more: <a href="http://www.cointalk.com/t188288-16/#ixzz1Xq2yNcky" class="internalLink ProxyLink" data-proxy-href="http://www.cointalk.com/t188288-16/#ixzz1Xq2yNcky">http://www.cointalk.com/t188288-16/#ixzz1Xq2yNcky</a></p><p><br /></p><p>A standard of living is defined as the amount of goods and services that can be purchased by a amount of income. Please show us any proof of this claim, since I do not recall any spike in inflation or major decrease in wages associated with 1933. A reduction of 70% is a large claim, and as such should be easily provable.</p><p><br /></p><p>I would also like to read anyone claiming this had anything to do with the depression. I have read the subject fairly extensively, and the most common reason I have heard was Congress&#039; tariffs dragging down international trade as being the major culprit. The stock bubble would have worked its ways out of the economy but Congress overreacted and put us into a depression.[/QUOTE]</p><p><br /></p>

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