New Deal and Great Depression by Beatričė Juškevičiūtė https://padlet.com/beatrice_juskeviciute/m7qagp0myffe Roosevelt's policies prolonged and deepened the Great Depression. en-us 2018-03-19 12:16:30 UTC 2018-03-19 12:34:31 UTC hello@padlet.com Enemy Act of 1917 beatrice_juskeviciute https://padlet.com/beatrice_juskeviciute/m7qagp0myffe/wish/243433044 Roosevelt declared that "all banking transactions shall be suspended." Banks were permitted to reopen only after case-by-case inspection and approval by the government. This procedure dragged on for months and it heightened the public's sense of crisis and allowed the president to ignore traditional restraints on the power of the central government. It gave the president power to restrict trade between the U.S. and its enemies in times of war. ]]> 2018-03-19 12:20:17 UTC https://padlet.com/beatrice_juskeviciute/m7qagp0myffe/wish/243433044 Gold standart beatrice_juskeviciute https://padlet.com/beatrice_juskeviciute/m7qagp0myffe/wish/243437726 Starting with the bank holiday and proceeding through a massive gold-buying program, Roosevelt abandoned the gold standard, the bedrock restraint on inflation and government growth. He nationalized the monetary gold stock, forbade the private ownership of gold (except for jewelry, scientific or industrial uses, and foreign payments), and nullified all contractual promises to pay in gold.
The price of gold was increased from $20.67 to $35.00 per ounce, a 69% increase, but the domestic price level increased only 7% between 1933 and 1934, and over rest of the decade it hardly increased at all. FDR's devaluation provoked retaliation by other countries, further strangling international trade and throwing the world's economies further into depression.]]> 2018-03-19 12:28:49 UTC https://padlet.com/beatrice_juskeviciute/m7qagp0myffe/wish/243437726 Policies beatrice_juskeviciute https://padlet.com/beatrice_juskeviciute/m7qagp0myffe/wish/243440504 Many of the reforms were hastily drawn and weakly administered with some actually contradicting others. During the entire New Deal era, public criticism and debate were never interrupted or suspended; in fact, the New Deal brought to the individual citizen a sharp of interest in government.
When Roosevelt took the presidential oath, the banking and credit system of the nation was in a state of paralysis. With astonishing rapidity, the nation's banks were first closed -- and then reopened only if they were solvent. The administration adopted a policy of moderate currency inflation to start an upward movement in commodity prices and to afford some relief to debtors. New governmental agencies brought generous credit facilities to industry and agriculture. The Federal Deposit Insurance Corporation (EDIC) insured sayings-bank deposits up to $5,000, and severe regulations were imposed upon the sale of securities on the stock exchange.
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https://mises.org/library/how-fdr-made-depression-worse
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