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(Audio) March 12, 1933 Roosevelt’s Banking Crisis Speech, 1933

From the Archives : Originally published June 10th, 2007

150 words - Reading time : less than a minute

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Category : History of Gold

http://webstorage4.mcpa.virginia.edu/fdr/audiovisual/speeches/spe_1933_0312_roosevelt.mp3

On the Bank Crisis.

By the time of Roosevelt's inauguration, nearly all of the banks in the nation had temporarily closed in response to mass withdrawals by a panicked public. Roosevelt calms the fears of the nation and outlines his plan to restore confidence in the banking system. The "sound assets" now held by the banks that FDR refers to is the gold he made available to them taken from Americans the week before. Astoundingly, he makes the preposterous statement that the currency is "not fiat money". Hear his contempt for gold. Americans today are even less the wiser than their ancestors seventy years ago. The same fraud will be pulled again with nary a whimper.

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