July 27th 2019


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Articles from this issue:

COVER STORY Fixing Australia: Can we trust the Morrison Government?

ENERGY Yallourn early closure more than a mere challenge, Mr Premier

CANBERRA OBSERVED Can Labor learn a lesson or is it unredeemable?

NATIONAL AFFAIRS High power prices lead to more deaths of elderly

GENDER POLITICS Catholic Ed's document strong on doctrine, weak on protocols

ENERGY Renewables do push up power price: Chicago economists

OBITUARY The eminence of Dr Joe Santamaria

HISTORY OF SCIENCE Faith and reason and Father Stanley Jaki, Part 6: Medieval Christendom sparks a revolution

ENVIRONMENT As many Pacific islands are rising as are sinking

ASIAN AFFAIRS Uyghurs lose in ethnic power play

POETRY AND HISTORY The epic of the White Horse

HUMOUR On patrol with Father Bruce

MUSIC Joao Gilberto: Carrier of melodies

CINEMA Crawl: Toothful entertainment

BOOK REVIEW America's postwar boom and its end

BOOK REVIEW The story of the drafting of a great document

BOOK REVIEW The facts behind an undying distortion

LETTERS

POETRY

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AMERICAN DEFAULT:
The Untold Story of FDR, the Supreme Court and the Battle over Gold

Sebastian Edwards

$64.99


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About the book

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 U.S. dollar in relation to gold, effectively annulling all debt contracts. American Default is the story of this forgotten chapter in America's history.

Sebastian Edwards provides a compelling account of the economic and legal drama that embroiled a nation already reeling from global financial collapse. It began on April 5, 1933, when FDR ordered Americans to sell all their gold holdings to the government. This was followed by the abandonment of the gold standard, the unilateral and retroactive rewriting of contracts, and the devaluation of the dollar. Anyone who held public and private debt suddenly saw its value reduced by nearly half, and debtors--including the U.S. government—suddenly owed their creditors far less. Revaluing the dollar imposed a hefty loss on investors and savers, many of them middle-class American families. The banks fought back, and a bitter battle for gold ensued. In early 1935, the case went to the Supreme Court. Edwards describes FDR's rancorous clashes with conservative Chief Justice Charles Evans Hughes, a confrontation that threatened to finish the New Deal for good—and that led to FDR's attempt to pack the court in 1937.

At a time when several major economies never approached the brink of default or devaluing or recalling currencies, American Default is a timely account of a little-known yet drastic experiment with these policies, the inevitable backlash, and the ultimate result.

About the author

Sebastian Edwards is the Henry Ford II Professor of International Economics at the University of California, Los Angeles. His books include Toxic Aid: Economic Collapse and Recovery in Tanzania and Left Behind: Latin America and the False Promise of Populism. He lives in Los Angeles.


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