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Friday, June 5, 2015
No Longer Accepting the Gold Standard
When Franklin Delano Roosevelt was elected president, the United States was in a shambles. The Great Depression had hit the country hard, and something drastic had to be done to restore the economy before things got worse.
As part of his "New Deal," Roosevelt rushed to restore American's faith in their currency and ease the suffering. Among other measures, the new president encouraged Congress to inject more currency into circulation. To do this, he first had to uncouple the United States dollar from the value of gold.
The key event in this process took place on this day in 1933, when Congress passed the Gold Repeal Joint Resolution, legally substituting United States currency for all debts public and private. In other words, it suddenly became impossible to make payments in gold.
An unintended side effect of this measure was that it made it very difficult for certain time-traveling superheroes to barter their services for appropriate compensation.
Thankfully, Gerald Ford corrected this problem forty years later, paving the way for Booster Gold to return and reap the benefits of Ronald Reagan's "trickle-down" system in the 1980s.
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