Cover art for American Default
Published
Princeton University Press, September 2019
ISBN
9780691196046
Format
Softcover, 288 pages
Dimensions
23.5cm × 15.6cm

American Default The Untold Story of FDR, the Supreme Court, and the Battle over Gold by

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The untold story of how FDR did the unthinkable to save the American economy

The American economy is strong in large part because nobody believes that America would ever default on its debt. Yet in 1933, Franklin D. Roosevelt did just that, when in a bid to pull the country out of depression, he depreciated the US dollar in relation to gold, effectively annulling all debt contracts. From FDR's order for Americans to sell the government all their gold holdings to the Supreme Court confrontation that threatened to finish the New Deal, American Default provides a compelling account of an economic and legal drama that embroiled a nation.

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