Quotes About Gold-exchange

The fraying relic of the gold-exchange standard that remained at the end of the 1920s had collapsed entirely by 1934. Britain, its inspiration and foundation in the nineteenth century, abandoned it with great reluctance and bitterness in September 1931. Twenty-five nations followed in short order. The United States refused to throw in the towel until April 1933, shortly after Roosevelt took office.

The drama of the final collapse of the gold-exchange standard would poison Anglo-American relations for decades. To the British way of thinking, Britain had been ignominiously forced off gold by selfish and short-sighted American and French policies: the Americans with their abominable import tariffs, and the French with their wretched devaluations. The Americans, for their part, saw themselves as innocent victims of an odious British default.