The Untold Story of FDR, the Supreme Court, and the Battle over Gold

Author: Sebastian Edwards

Publisher: Princeton University Press

ISBN: 1400890381

Category: Business & Economics

Page: 288

View: 6226

The untold story of how FDR did the unthinkable to save the American economy The American economy is strong in large part because nobody believes that America would ever default on its debt. Yet in 1933, Franklin D. Roosevelt did just that, when in a bid to pull the country out of depression, he depreciated the U.S. dollar in relation to gold, effectively annulling all debt contracts. American Default is the story of this forgotten chapter in America's history. Sebastian Edwards provides a compelling account of the economic and legal drama that embroiled a nation already reeling from global financial collapse. It began on April 5, 1933, when FDR ordered Americans to sell all their gold holdings to the government. This was followed by the abandonment of the gold standard, the unilateral and retroactive rewriting of contracts, and the devaluation of the dollar. Anyone who held public and private debt suddenly saw its value reduced by nearly half, and debtors--including the U.S. government—suddenly owed their creditors far less. Revaluing the dollar imposed a hefty loss on investors and savers, many of them middle-class American families. The banks fought back, and a bitter battle for gold ensued. In early 1935, the case went to the Supreme Court. Edwards describes FDR's rancorous clashes with conservative Chief Justice Charles Evans Hughes, a confrontation that threatened to finish the New Deal for good—and that led to FDR's attempt to pack the court in 1937. At a time when several major economies never approached the brink of default or devaluing or recalling currencies, American Default is a timely account of a little-known yet drastic experiment with these policies, the inevitable backlash, and the ultimate result.
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The Untold Story of FDR, the Supreme Court, and the Battle Over Gold

Author: Sebastian Edwards

Publisher: N.A

ISBN: 9780691161884

Category: Business & Economics

Page: 288

View: 3157

The untold story of how FDR did the unthinkable to save the American economy The American economy is strong in large part because nobody believes that America would ever default on its debt. Yet in 1933, Franklin D. Roosevelt did just that when, in a bid to pull the country out of depression and get people back to work, he depreciated the U.S. dollar in relation to gold and annulled debt contracts retroactively. American Default is the story of this forgotten chapter in America's history. Sebastian Edwards provides a masterful account of the economic and legal drama that embroiled a nation already reeling from global financial collapse. It began on April 5, 1933, when FDR ordered Americans to sell all their gold holdings to the government. This was followed by the removal of the country from the gold standard, the unilateral and retroactive rewriting of contracts, and the devaluation of the dollar. Anyone who held public and private debt suddenly saw its value reduced by nearly half, and debtors--including the U.S. government--suddenly owed their creditors far less. Revaluing the dollar imposed a hefty loss on investors and savers, many of them middle-class American families. The banks fought back, and a bitter battle for gold ensued. In early 1935, the case went to the Supreme Court. Edwards describes FDR's rancorous clashes with conservative Chief Justice Charles Evans Hughes, a confrontation that threatened to finish the New Deal for good--and that led to FDR's attempt to pack the court in 1937. At a time when several major economies are on the brink of default or devaluing or recalling currencies, American Default is a timely account of a little-known yet drastic experiment with these policies, the inevitable backlash, and the ultimate result.
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The Spanish-American War and the Dawn of the American Century

Author: Ivan Musicant

Publisher: Henry Holt and Company

ISBN: 9780805035001

Category: History

Page: 768

View: 7584

The definitive version of the Spanish-American War as well as a dramatic account of America's emergence as a global power.
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Author: Richard S. Wisner,American Bar Association. Fidelity and Surety Law Committee

Publisher: N.A

ISBN: N.A

Category: Business & Economics

Page: 187

View: 8080

This work describes responses available to surety in the event of perfomrance bond default. It focuses particularly on financing, completing surety, tender of new contractor by surety, and owner completion.
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An American Lyric

Author: Claudia Rankine

Publisher: Graywolf Press

ISBN: 1555973485

Category: Literary Collections

Page: 160

View: 3201

* Finalist for the National Book Award in Poetry * * Winner of the National Book Critics Circle Award in Poetry * Finalist for the National Book Critics Circle Award in Criticism * Winner of the NAACP Image Award * Winner of the L.A. Times Book Prize * Winner of the PEN Open Book Award * ONE OF THE BEST BOOKS OF THE YEAR: The New Yorker, Boston Globe, The Atlantic, BuzzFeed, NPR. Los Angeles Times, Publishers Weekly, Slate, Time Out New York, Vulture, Refinery 29, and many more . . . A provocative meditation on race, Claudia Rankine's long-awaited follow up to her groundbreaking book Don't Let Me Be Lonely: An American Lyric. Claudia Rankine's bold new book recounts mounting racial aggressions in ongoing encounters in twenty-first-century daily life and in the media. Some of these encounters are slights, seeming slips of the tongue, and some are intentional offensives in the classroom, at the supermarket, at home, on the tennis court with Serena Williams and the soccer field with Zinedine Zidane, online, on TV-everywhere, all the time. The accumulative stresses come to bear on a person's ability to speak, perform, and stay alive. Our addressability is tied to the state of our belonging, Rankine argues, as are our assumptions and expectations of citizenship. In essay, image, and poetry, Citizen is a powerful testament to the individual and collective effects of racism in our contemporary, often named "post-race" society.
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Latin America and the False Promise of Populism

Author: Sebastian Edwards

Publisher: University of Chicago Press

ISBN: 0226184803

Category: Business & Economics

Page: 296

View: 4141

The political and economic history of Latin America has been marked by great hopes and even greater disappointments. Despite abundant resources—and a history of productivity and wealth—in recent decades the region has fallen further and further behind developed nations, surpassed even by other developing economies in Southeast Asia and elsewhere. In Left Behind, Sebastian Edwards explains why the nations of Latin America have failed to share in the fruits of globalization and forcefully highlights the dangers of the recent turn to economic populism in the region. He begins by detailing the many ways Latin American governments have stifled economic development over the years through excessive regulation, currency manipulation, and thoroughgoing corruption. He then turns to the neoliberal reforms of the early 1990s, which called for the elimination of deficits, lowering of trade barriers, and privatization of inefficient public enterprises—and which, Edwards argues, held the promise of freeing Latin America from the burdens of the past. Flawed implementation, however, meant the promised gains of globalization were never felt by the mass of citizens, and growing frustration with stalled progress has led to a resurgence of populism throughout the region, exemplified by the economic policies of Venezuela’sHugo Chávez. But such measures, Edwards warns, are a recipe for disaster; instead, he argues, the way forward for Latin America lies in further market reforms, more honestly pursued and fairly implemented. As an example of the promise of that approach, Edwards points to Latin America's giant, Brazil, which under the successful administration of President Luis Inácio da Silva (Lula) has finally begun to show signs of reaching its true economic potential. As the global financial crisis has reminded us, the risks posed by failing economies extend far beyond their national borders. Putting Latin America back on a path toward sustained growth is crucial not just for the region but for the world, and Left Behind offers a clear, concise blueprint for the way forward.
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Author: Jane Jacobs

Publisher: Vintage

ISBN: 052543285X

Category: Social Science

Page: 480

View: 7888

Thirty years after its publication, The Death and Life of Great American Cities was described by The New York Times as "perhaps the most influential single work in the history of town planning....[It] can also be seen in a much larger context. It is first of all a work of literature; the descriptions of street life as a kind of ballet and the bitingly satiric account of traditional planning theory can still be read for pleasure even by those who long ago absorbed and appropriated the book's arguments." Jane Jacobs, an editor and writer on architecture in New York City in the early sixties, argued that urban diversity and vitality were being destroyed by powerful architects and city planners. Rigorous, sane, and delightfully epigrammatic, Jacobs's small masterpiece is a blueprint for the humanistic management of cities. It is sensible, knowledgeable, readable, indispensable. The author has written a new foreword for this Modern Library edition.
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Author: Frederick L, Greene,David L. Page,Irvin D. Fleming,April G. Fritz,Charles M. Balch,Daniel G. Haller,Monica Morrow

Publisher: Springer Science & Business Media

ISBN: 1475736568

Category: Medical

Page: 421

View: 2697

The American Joint Committee on Cancer's Cancer Staging Manual is used by physicians throughout the world to diagnose cancer and determine the extent to which cancer has progressed. All of the TNM staging information included in this Sixth Edition is uniform between the AJCC (American Joint Committee on Cancer) and the UICC (International Union Against Cancer). In addition to the information found in the Handbook, the Manual provides standardized data forms for each anatomic site, which can be utilized as permanent patient records, enabling clinicians and cancer research scientists to maintain consistency in evaluating the efficacy of diagnosis and treatment. The CD-ROM packaged with each Manual contains printable copies of each of the book’s 45 Staging Forms.
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From Despair to Hope

Author: Sebastian Edwards

Publisher: World Bank Publications

ISBN: 9780195211054

Category: Business & Economics

Page: 364

View: 7954

This work provides a thorough analytical review of the processes that led to the transformation of many Latin American economies during the last decade. The author examines every aspect of adjustment and reform since 1980 and suggests alternative ways to consolidate the achievements.
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The New Deal and the Limits of American Politics

Author: Jefferson Cowie

Publisher: Politics and Society in Twenti

ISBN: 9780691175737

Category: History

Page: 288

View: 2574

Where does the New Deal fit in the big picture of American history? What does it mean for us today? What happened to the economic equality it once engendered? In The Great Exception, Jefferson Cowie provides new answers to these important questions. In the period between the Great Depression and the 1970s, he argues, the United States government achieved a unique level of equality, using its considerable resources on behalf of working Americans in ways that it had not before and has not since. If there is to be a comparable battle for collective economic rights today, Cowie argues, it needs to build on an understanding of the unique political foundation for the New Deal. Anyone who wants to come to terms with the politics of inequality in the United States will need to read The Great Exception.
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A History of US Trade Policy

Author: Douglas A. Irwin

Publisher: University of Chicago Press

ISBN: 022639901X

Category: Business & Economics

Page: 832

View: 5342

Should the United States be open to commerce with other countries, or should it protect domestic industries from foreign competition? This question has been the source of bitter political conflict throughout American history. Such conflict was inevitable, James Madison argued in The Federalist Papers, because trade policy involves clashing economic interests. The struggle between the winners and losers from trade has always been fierce because dollars and jobs are at stake: depending on what policy is chosen, some industries, farmers, and workers will prosper, while others will suffer. Douglas A. Irwin’s Clashing over Commerce is the most authoritative and comprehensive history of US trade policy to date, offering a clear picture of the various economic and political forces that have shaped it. From the start, trade policy divided the nation—first when Thomas Jefferson declared an embargo on all foreign trade and then when South Carolina threatened to secede from the Union over excessive taxes on imports. The Civil War saw a shift toward protectionism, which then came under constant political attack. Then, controversy over the Smoot-Hawley tariff during the Great Depression led to a policy shift toward freer trade, involving trade agreements that eventually produced the World Trade Organization. Irwin makes sense of this turbulent history by showing how different economic interests tend to be grouped geographically, meaning that every proposed policy change found ready champions and opponents in Congress. As the Trump administration considers making major changes to US trade policy, Irwin’s sweeping historical perspective helps illuminate the current debate. Deeply researched and rich with insight and detail, Clashing over Commerce provides valuable and enduring insights into US trade policy past and present.
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Author: American Psychiatric Association

Publisher: American Psychiatric Pub

ISBN: 0890425574

Category: Medical

Page: 991

View: 4852

This new edition of Diagnostic and Statistical Manual of Mental Disorders (DSM-5®), used by clinicians and researchers to diagnose and classify mental disorders, is the product of more than 10 years of effort by hundreds of international experts in all aspects of mental health. Their dedication and hard work have yielded an authoritative volume that defines and classifies mental disorders in order to improve diagnoses, treatment, and research. The criteria are concise and explicit, intended to facilitate an objective assessment of symptom presentations in a variety of clinical settings -- inpatient, outpatient, partial hospital, consultation-liaison, clinical, private practice, and primary care. New features and enhancements make DSM-5® easier to use across all settings: The chapter organization reflects a lifespan approach, with disorders typically diagnosed in childhood (such as neurodevelopmental disorders) at the beginning of the manual, and those more typical of older adults (such as neurocognitive disorders) placed at the end. Also included are age-related factors specific to diagnosis. The latest findings in neuroimaging and genetics have been integrated into each disorder along with gender and cultural considerations. The revised organizational structure recognizes symptoms that span multiple diagnostic categories, providing new clinical insight in diagnosis. Specific criteria have been streamlined, consolidated, or clarified to be consistent with clinical practice (including the consolidation of autism disorder, Asperger's syndrome, and pervasive developmental disorder into autism spectrum disorder; the streamlined classification of bipolar and depressive disorders; the restructuring of substance use disorders for consistency and clarity; and the enhanced specificity for major and mild neurocognitive disorders). Dimensional assessments for research and validation of clinical results have been provided. Both ICD-9-CM and ICD-10-CM codes are included for each disorder, and the organizational structure is consistent with the new ICD-11 in development. The Diagnostic and Statistical Manual of Mental Disorders, Fifth Edition, is the most comprehensive, current, and critical resource for clinical practice available to today's mental health clinicians and researchers of all orientations. The information contained in the manual is also valuable to other physicians and health professionals, including psychologists, counselors, nurses, and occupational and rehabilitation therapists, as well as social workers and forensic and legal specialists.
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Why America Suffers When Economics and Politics Collide

Author: Alan S. Blinder

Publisher: Basic Books

ISBN: 046509418X

Category: Business & Economics

Page: 368

View: 697

A bestselling economist tells us what both politicians and economists must learn to fix America's failing economic policies American economic policy ranks as something between bad and disgraceful. As leading economist Alan S. Blinder argues, a crucial cultural divide separates economic and political civilizations. Economists and politicians often talk--and act--at cross purposes: politicians typically seek economists' "advice" only to support preconceived notions, not to learn what economists actually know or believe. Politicians naturally worry about keeping constituents happy and winning elections. Some are devoted to an ideology. Economists sometimes overlook the real human costs of what may seem to be the obviously best policy--to a calculating machine. In Advice and Dissent, Blinder shows how both sides can shrink the yawning gap between good politics and good economics and encourage the hardheaded but softhearted policies our country so desperately needs.
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A Colloquy

Author: Michael A Stegman

Publisher: DIANE Publishing

ISBN: 9780788131318

Category:

Page: 126

View: 3448

A research & commentary on the critical policy issue of whether or not racial discrimination exists in the home mortgage lending industry. A collection of essays on this topic by experts such as John Yinger, Stephen Ross, & George Galster. Also includes commentaries on mortgage performance & housing market discrimination, default rates & their place in the controversy, & the role of FHA data in the lending discrimination discussion. Graphs, charts.
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Law and the Japanese American Internment

Author: Eric K. Yamamoto,Margaret Chon,Jerry Kang,Carol L. Izumi

Publisher: Wolters Kluwer Law and Business

ISBN: 9781454808206

Category: Law

Page: 506

View: 5338

Race, Rights and Reparation: Law and the Japanese American Internment is the first comprehensive course book that provides critical examination of the Asian-American legal experience, and the legal, social and ethical ramifications of the internment of Japanese- Americans during World War II and the successful reparations movement of the 1980s. Appropriate for a diverse set of law school and non-legal courses, it supplements carefully contextualized case law and social policies with dramatic oral histories, essays, commentary and photographs sure to stimulate class discussion. The Second Edition represents a substantial revision of the original course book. Several new chapters expressly link the Japanese-American internment cases and redress to the civil liberties and national security issues raised post-9/11, making Asian-American legal history even more relevant to significant contemporary controversies. Other key updates to first edition material include an even more comprehensive Overview Chapter and the addition of recent scholarly and judicial treatment of the World War II and coram nobis internment cases. Features: The only course book that covers Asian-American legal history and reparations. Accessible, multidisciplinary approach appeals to scholars, students and instructors of ethnic studies, history, sociology, as well as law and legal studies. Contextualizes internment and reparations to facilitate understanding of what happened and why, including an overview chapter with key details and timelines. Examines how social policy and politics both enabled and constrained legal decisions by the U.S. Supreme Court. Discusses "headline" topics, such as redress for governmental misconduct and the national security implications of the Japanese-American experience. Provocative oral histories, litigation documents, photographs, essays and commentary that enrich class discussion of judicial decisions. Flexible, modular organization accommodates the focus and interests of different courses and instructors. Authors' website provides updates and additional information. The Second Edition has been substantially revised with new chapters and updated material, including: An even more comprehensive overview chapter covering the text's larger themes and significant legal specifics. Completely new chapters replace old ones to expressly link the internment cases and Japanese-American redress to post-9/11 national security/civil liberties issues and to U.S. and International Reparations/Reconciliation.
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Development and Conflict since 1945

Author: John Ward

Publisher: Routledge

ISBN: 1134368305

Category: History

Page: 144

View: 7084

Bringing the story up-to-date, this expanded new edition takes into account recent developments including Argentina's 2001 debt default and the 2002 presidential election in Brazil. Latin America provides an introduction to the economic and political history of the region in the last half century. Beginning with a brief history of Latin America since 1492, John Ward discusses the interactions between economic, political and social issues. The discussions includes: * the long-term background to the 1980s debt crisis * the effects of neo-liberal free market reforms * relations with the United States and the wider world * welfare provision in relation to wider economic issues * social trends as reflected by changes in the status of women * globalization and environmental debates * comparisons with the more dynamic East Asian economies. Also including biographies of the leading figures of the period and an expanded bibliography, it will provide central reading to Latin American history students, researchers and the interested general reader.
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The American State Debt Crisis in the Early 1840s

Author: Arthur Grinath,John Joseph Wallis,Richard Eugene Sylla

Publisher: N.A

ISBN: N.A

Category: Debts, Public

Page: 45

View: 5721

During the 1820s and 1830s, American state governments made large investments in canals, banks, and railroads. In the early 1840s, nine states defaulted on their debts, four ultimately repudiated all or part of their debts, and three went through substantial renegotiations. This paper examines how the states got into the debt crisis and, as a result of their earlier history, how they responded to fiscal pressure in the debt crisis. The explanation is built around revenue structures. States along the developed eastern seaboard were able to avoid politically costly property taxes, while states along the frontier were forced to rely heavily on property taxes. When faced with fiscal pressures, two of the defaulting states -- Maryland and Pennsylvania -- were able to resume debt payments, with back interest, as soon as a property tax was enacted. The other defaulting states, however, already had high property taxes. Without access to new revenue sources, these states were forced to default, and then either renegotiate or repudiate their debts
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An Unfinished Story

Author: Kevin R. Brine,Mary Poovey

Publisher: University of Chicago Press

ISBN: 022650221X

Category: Business & Economics

Page: 528

View: 3321

The economic crisis of 2008 led to an unprecedented focus on the world of high finance—and revealed it to be far more arcane and influential than most people could ever have imagined. Any hope of avoiding future crises, it’s clear, rest on understanding finance itself. To understand finance, however, we have to learn its history, and this book fills that need. Kevin R. Brine, an industry veteran, and Mary Poovey, an acclaimed historian, show that finance as we know it today emerged gradually in the late nineteenth century and only coalesced after World War II, becoming ever more complicated—and ever more central to the American economy. The authors explain the models, regulations, and institutions at the heart of modern finance and uncover the complex and sometimes surprising origins of its critical features, such as corporate accounting standards, the Federal Reserve System, risk management practices, and American Keynesian and New Classic monetary economics. This book sees finance through its highs and lows, from pre-Depression to post-Recession, exploring the myriad ways in which the practices of finance and the realities of the economy influenced one another through the years. A masterwork of collaboration, Finance in America lays bare the theories and practices that constitute finance, opening up the discussion of its role and risks to a broad range of scholars and citizens.
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Author: Thomas A. Durkin,Gregory Elliehausen,Michael E. Staten,Todd J. Zywicki

Publisher: Oxford University Press

ISBN: 0199384967

Category: Business & Economics

Page: 528

View: 8212

Consumer Credit and the American Economy examines the economics, behavioral science, sociology, history, institutions, law, and regulation of consumer credit in the United States. After discussing the origins and various kinds of consumer credit available in today's marketplace, this book reviews at some length the long run growth of consumer credit to explore the widely held belief that somehow consumer credit has risen "too fast for too long." It then turns to demand and supply with chapters discussing neoclassical theories of demand, new behavioral economics, and evidence on production costs and why consumer credit might seem expensive compared to some other kinds of credit like government finance. This discussion includes review of the economics of risk management and funding sources, as well discussion of the economic theory of why some people might be limited in their credit search, the phenomenon of credit rationing. This examination includes review of issues of risk management through mathematical methods of borrower screening known as credit scoring and financial market sources of funding for offerings of consumer credit. The book then discusses technological change in credit granting. It examines how modern automated information systems called credit reporting agencies, or more popularly "credit bureaus," reduce the costs of information acquisition and permit greater credit availability at less cost. This discussion is followed by examination of the logical offspring of technology, the ubiquitous credit card that permits consumers access to both payments and credit services worldwide virtually instantly. After a chapter on institutions that have arisen to supply credit to individuals for whom mainstream credit is often unavailable, including "payday loans" and other small dollar sources of loans, discussion turns to legal structure and the regulation of consumer credit. There are separate chapters on the theories behind the two main thrusts of federal regulation to this point, fairness for all and financial disclosure. Following these chapters, there is another on state regulation that has long focused on marketplace access and pricing. Before a final concluding chapter, another chapter focuses on two noncredit marketplace products that are closely related to credit. The first of them, debt protection including credit insurance and other forms of credit protection, is economically a complement. The second product, consumer leasing, is a substitute for credit use in many situations, especially involving acquisition of automobiles. This chapter is followed by a full review of consumer bankruptcy, what happens in the worst of cases when consumers find themselves unable to repay their loans. Because of the importance of consumer credit in consumers' financial affairs, the intended audience includes anyone interested in these issues, not only specialists who spend much of their time focused on them. For this reason, the authors have carefully avoided academic jargon and the mathematics that is the modern language of economics. It also examines the psychological, sociological, historical, and especially legal traditions that go into fully understanding what has led to the demand for consumer credit and to what the markets and institutions that provide these products have become today.
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