jun 5, 1933 - FDR repeals gold clauses

Description:

Before FDR, Americans could exchange dollars for gold. The value of a dollar was based off of a certain amount of gold. By taking America off this gold standard, FDR aimed to promote economic growth. In the short-run, was kinda successful? Depends on who you ask, but the new system allowed the government to adjust the supply of money in the economy and influence interest rates. There were a lot of bad effects though.

Added to timeline:

Date: