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Roosevelt’s Banking Crisis Speech, 1933
March 12, 1933, President Franklin Roosevelt
http://webstorage4.mcpa.virginia.edu/fdr/audiovisual/speeches/spe_1933_0312_roosevelt.mp3
On the Bank Crisis.
By the time of Roosevelt 's inau guration, 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 frau d will be pulled again with nary a whimper.
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