The Fed’s Gold Standard Confusion

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The Fed’s Gold Standard Confusion

Why did the United States abandon the gold standard? In an article published recently by the Federal Reserve Bank of St. Louis, Maria Hasenstab cites the international gold shortage during the Great Depression. “Countries around the world basically ran out of supply and were forced off the gold standard,” she writes. In passing the article mentions the American people were not forced off by an international gold shortage, instead by President Ro…