January 26th 2019


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Articles from this issue:

COVER STORY The Natural Family as an integrative social force in American history

EDITORIAL The Remnant, resistant, creative minority

ENERGY POLICY Enough hot air about carbon dioxide; let's talk LPG

CANBERRA OBSERVED Federal election: the media have done our duty at the polls for us

NSW ELECTION NSW is just starting to sizzle

NATIONAL AFFAIRS Archbishop Wilson free, but trial was no witchhunt

NATIONAL AFFAIRS Awaiting Hayne: full report sure to shake finance sector

LIFE ISSUES The unvarnished truth about surrogacy

HIGHER EDUCATION Massification: that's the name of the game

SOCIETY Dover Beach: a mordant post-Christmas reflection

IRELAND TODAY Celtic Tiger changed out of all recognition

MUSIC One note does not a monotone make

CINEMA Aquaman: High fantasy in ocean depths

BOOK REVIEW Uninformed consent

BOOK REVIEW A thoroughly modern movement

BOOK REVEW The foundation of a successful society

LETTERS

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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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