Ebook American Default: The Untold Story of FDR, the Supreme Court, and the Battle over Gold
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American Default: The Untold Story of FDR, the Supreme Court, and the Battle over Gold
Ebook American Default: The Untold Story of FDR, the Supreme Court, and the Battle over Gold
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Audible Audiobook
Listening Length: 9 hours and 1 minute
Program Type: Audiobook
Version: Unabridged
Publisher: Tantor Audio
Audible.com Release Date: July 18, 2018
Language: English, English
ASIN: B07F7MRPYH
Amazon Best Sellers Rank:
In 1935, in one of FDR's major Supreme Court victories, the Court upheld the government's banning of gold clauses in private financial agreements. These clauses, which at one time were frequently employed, required the payment of a debt either in regular currency or in gold depending upon the wishes of the creditor. FDR through Congress cancelled these clauses in order to depreciate U.S. currency as one tool to fight the Depression. Yet, as important as is this case, I believe this is perhaps the first book-length study of the case. The author is a Professor of International Economics at UCLA.Perhaps one reason for so little attention to the decision is that to fully understand the litigation, one must master the economic dimensions of the gold clause issue. The author devotes the first 118 pages of the book to explaining why the decision was so vital to FDR's tools in fighting the Depression. As an economist, he is well qualified to discuss this background--and I think this is the part of the book that he is really excited about, less so for the legal dimensions. The author writes for the economic layperson (such as myself) quite well, but at times I found it a bit challenging to ingest all this technical analysis. Probably true as well was I wanted to get the Court discussion, and my impatience may have interfered with patiently reading the economic analysis. That being said, the author makes these economic concepts understandable, and the reader can't really grasp the crucial importance of the decision without a healthy dose of this economic background.The author devotes 68 pages to the legal dimensions of the issue. He discusses how the cases got to the Court; profiles the nine justices, highlighting the importance of the "four horsemen"; recapitulates the arguments made on both sides; and discusses FDR's strategy should the Court hold against the government. One interesting facet is that the author identifies how many of the very same arguments were made recently in some Argentina litigation.The dual focus of economics and law produces a very searching and informative analysis. The author's Introduction gives the reader a quick overview of the issues. As well, the author has included an extensive Time Line, and an interesting Dramatis Personae consisting of short profiles of the key players including the White House, the Senators, the Economists, and the Justices. Extensive notes and a helpful bibliography are also included. Many photographs and economic charts are also presented. This is a challenging issue to discuss in a meaningful fashion, and the author is to be commended not only for undertaking his analysis but also for doing it in so skillful a manner.
This is a really excellent book about a fascinating topic! Highly recommended.Roosevelt’s decision to abandon the gold standard was a watershed moment in the Great Depression and arguably a watershed moment in monetary history. What is less appreciated is how complex this action was. Most debt contracts at the time had a gold clause. Unless these clauses were annulled, devaluation would have led the debts of many Americans (households, corporations, and the government) to skyrocket in dollar terms. This would have been potentially catastrophic. The government thus decided to retroactively annul these gold clauses. … Yes, that sounds like abrogation of property rights; sounds like something we associate with Argentina as opposed to the US. But it happened in the US only 85 years ago and was ultimately upheld by the courts.Edwards tells the story of these events – why Roosevelt did it and why the courts allowed it – in a fast-paced, exciting manner.
As an economic history nerd I can only applaud the work of my UCLA colleague Sebastian Edwards in his vibrant telling the story of the long forgotten Supreme Court showdown over the United States’ abrogation of contracts written with the gold clause. Remembering the inflation of the Civil War greenback era, most creditors demanded gold clauses in debt contracts in which they would be repaid in in either gold or its paper money equivalent value.This system worked fine until the onset of the Great Depression. It is here where Edwards begins his story as President Roosevelt adopts an inflationist policy by first abandoning the gold standard by requiring all citizens to turn in their physical gold at the then $20.67/ounce price. Then in June 1933 Congress adopts a joint resolution authorizing Roosevelt to increase the price of gold which he ultimately does to $35/ounce and the legislation abrogates the gold clause in all contracts. Indeed, most economists credit the early recovery from the depression directly to the monetary easing associated with Roosevelt’s gold policies.If Congress hadn’t abrogated the gold clause all debts would have been written up to reflect the devaluation by 69%. Thus it would require a payment of approximately $1700 to repay a nominal debt of $1,000. Needless to say a host of bankruptcies would have ensued.Of course several creditors sued and Edwards skillfully moves the action from Roosevelt and Congress to the Supreme Court. The Supreme Court ruled that it was in Congress’ power to alter private contracts, but it was not in its power to alter U.S. government debt. However, the court ruled that as of the date of the Joint Resolution gold was still trading at $20.67/ounce and Americans were not allowed to possess physical gold at that time. Hence there would be no damages. A brilliant 5-4 ruling by Chief Justice Hughes.The reason why these cases have been forgotten is that if they went the other way all hell would have broken loose. Instead of rallying as the stock market did after the ruling, stocks likely would have crashed. It would have triggered a constitutional crisis with Court versus the other two branches of government. Indeed the lead up to the ruling was a precursor to the 1937 court fight that Roosevelt would have.As an aside Edwards notes that the United States had a treaty with Panama concerning the lease payments for the Panama Canal. That treaty had a gold clause in it. After a long negotiation in 1939 the lease payment was increased retroactive to 1934 thereby reflecting the dollar devaluation. Thus, the U.S. made good on its international treaty obligations.“American Default†is a worthy addition to the economics literature of the Great Depression. It should be read with the works of Friedman & Schwartz, Bernanke, Irwin, Eichengreen and Sumner. And because it is more a history book than an economics book the lay reader should find it very readable. Further given the rising debt/GDP ratio in the U.S. when coupled with even larger unfunded liabilities, the idea of a 21st century American default is not totally improbable.
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