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Welcome to our Money series. We are nearing the end and righ the cusp of understanding how our government is failing the dollar.
Please make sure to watch all 5 episodes for a better understanding of how our money works and how it gets devalued.
In this episode, let’s talk about the end of the gold standard and beginning of this big joke of a financial system we have.
When the government realizing the gold standard frees them from the shackles of gold, they started printing money to their hearts’ content.
When the stock market crashed in 1929, and the Great Depression hit the US, people started realizing their paper money didn’t amount to anything.
It caused panic.
Americans realized they needed to own something tangible. People exchanged their dollars for gold, gold’s price went up. It worsened when banks began failing as people realized many banks really didn’t have anything.
That caused even more people to want to hoard gold and lose trust in any financial institution. It became so bad that by March 6, 1933, President Franklin D. Roosevelt closed the banks in response to a run on the gold reserves at the Federal Reserve.
By the time banks reopened on March 13, they had turned in all their gold to the Federal Reserve. They could no longer redeem dollars for gold, and no one could export gold
Yes, the government literally forced people to hold on to pieces of paper backed by nothing.
April 20, 1933, FDR ordered Americans to turn in their gold in exchange for dollars, to prohibit the hoarding of gold and the redemption of gold by other countries. This action created the gold reserves at Fort Knox. The U.S. soon held the world’s largest supply of gold.
By 1934, the U.S. government revalued gold from $20.67/oz to $35/oz. This meant the US dollar also rose in value. This effectively allowed the U.S. to corner the gold market.
And this, the government liked.
As World War II was coming to an end, the leading Western powers, led by the US, met to develop the Bretton Woods Agreement,
Watch the next video to learn more about the Bretton Woods Agreement.
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