November 16th 2019


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Articles from this issue:

COVER STORY Extinction Rebellion: So, it's goodnight to us and a big welcome to mega-bucks

EDITORIAL A second chance to secure Australia's future

FOREIGN AFFAIRS Early UK election will be another Brexit vote

CANBERRA OBSERVED Struggle is on not to let censorship have the last word

GENDER POLITICS Children are being given drugs that are dangerous even for elite athletes

NATIONAL AFFAIRS Thoroughbreds are literally racing for their lives

POLITICAL COMMENTARY Tony Abbott continues faithful to the broad Liberal church

MILITARY HISTORY Timor-Leste a free nation 20 years after INTERFET

CLIMATE SCIENCE V XR Is a tipping point close or is the emergency contrived?

RENEWABLE ENERGY Whatever happened to the World Solar Challenge?

ASIAN AFFAIRS How long has China's Red Dynasty really got?

HUMOUR Vote 1 for the Troposphere

MUSIC Genre fatigue: Jazz rock arrived with a bang, left with a whisper

CINEMA Terminator: Dark Fate: The heart that makes us human

CINEMA Ride Like a Girl: Celebrating family, faith and fortitude

BOOK REVIEW Quirky look at grand-scale egoism

BOOK REVIEW Clear critique of flaws of globalism

POETRY

LETTERS

NATIONAL AFFAIRS Cardinal Pell's appeal to go to High Court

South Park Calls Out Transgender Takeover of Women's Sports

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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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