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Life After Brown
This Day in History......
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<blockquote data-quote="moreluck" data-source="post: 1338520" data-attributes="member: 1246"><p>On June 5, 1933, the <a href="http://www.history.com/topics/states" target="_blank">United States</a> went off the gold standard, a monetary system in which currency is backed by gold, when Congress enacted a joint resolution nullifying the right of creditors to demand payment in gold. The United States had been on a gold standard since 1879, except for an embargo on gold exports during <a href="http://www.history.com/topics/world-war-i" target="_blank">World War I</a>, but bank failures during the <a href="http://www.history.com/topics/great-depression" target="_blank">Great Depression</a> of the <a href="http://www.history.com/topics/1930s" target="_blank">1930s</a> frightened the public into hoarding gold, making the policy untenable.</p></blockquote><p></p>
[QUOTE="moreluck, post: 1338520, member: 1246"] On June 5, 1933, the [URL='http://www.history.com/topics/states']United States[/URL] went off the gold standard, a monetary system in which currency is backed by gold, when Congress enacted a joint resolution nullifying the right of creditors to demand payment in gold. The United States had been on a gold standard since 1879, except for an embargo on gold exports during [URL='http://www.history.com/topics/world-war-i']World War I[/URL], but bank failures during the [URL='http://www.history.com/topics/great-depression']Great Depression[/URL] of the [URL='http://www.history.com/topics/1930s']1930s[/URL] frightened the public into hoarding gold, making the policy untenable. [/QUOTE]
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