Martin Armstrong on 1929
Likewise, the 1929 collapse and the Great Depression were also worldwide events. Herbert Hoover’s memoirs provides the historical documentation for the Currency Crisis of 1931. Virtually all of Europe defaulted on its debt causing the dollar to rise to historical levels because it was still on a gold standard. This led to the collapse in exports and the cries for greater tariffs. This culminated in Roosevelt's famous confiscation of gold and a near 60% devaluation of the dollar in 1934.
Likewise, the 1929 collapse and the Great Depression were also worldwide events. Herbert Hoover’s memoirs provides the historical documentation for the Currency Crisis of 1931. Virtually all of Europe defaulted on its debt causing the dollar to rise to historical levels because it was still on a gold standard. This led to the collapse in exports and the cries for greater tariffs. This culminated in Roosevelt's famous confiscation of gold and a near 60% devaluation of the dollar in 1934.
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