TAILIEUCHUNG - America’s Great Depression phần 10

Hãy để nó không thể nghĩ rằng Hoover đã nhàn rỗi trong phong trào này. Ngay cả trước khi trầm cảm, anh đang cân nhắc hạn chế cưỡng chế về sản xuất dầu. Tổng thống bị hủy bỏ giấy phép khoan dầu, phần lớn thuộc về công chúng, và ông và Bộ trưởng Nội vụ | 324 America s Great Depression lenient yet in many areas the courts would not enforce foreclosures for insurance companies enabling many borrowers arrogantly to refuse to pay. Minnesota forbade foreclosures on farms or homes for several Most important of the attacks on creditors property occurred during the currency crisis that marked the end of the Hoover term. After the election as the new Presidential term approached people grew more and more apprehensive and properly so of the monetary policies of the incoming president. Dark rumors circulated about the radicalism of Roosevelt s advisers and of their willingness to go off the gold standard. Consequently not only did gold hoarding by foreigners develop momentum but even gold hoarding by domestic citizens. For the first time in the depression American citizens were beginning to lose confidence in the dollar itself. The loss of confidence reached its apogee in February 1933 the month before the Roosevelt inaugural. In that one month the monetary gold stock fell by 173 million and money in circulation increased by the phenomenal amount of 900 million the reflection of domestic loss of confidence. Money in circulation totaled billion at the end of January and billion by the end of February. 700 million of this increase was in Federal Reserve notes and 140 million in gold coin and gold certificates. The Federal Reserve did its best to combat this deflationary pull on bank reserves but its inflationary measures only served to diminish confidence in the dollar still further. Thus in the month of February alone Uncontrolled Reserves fell by 1 089 million. The FRS greatly inflated its Controlled Reserves bills discounted more than doubled to increase by 308 million bills bought multiplied tenfold to increase by 305 million 103 million of . governments were purchased. All in all controlled reserves increased by 785 million during this month net reserves fell by 305 million. The impact of this fall on .

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