Economy
The Smithsonian Agreement: Why the 1971 Currency Reset Did Not Last
After Washington suspended gold convertibility in August 1971, major economies still wanted predictable exchange rates. The Smithsonian Agreement…
Category: Economy
The macro picture: inflation, growth, jobs, interest rates and central bank decisions.
Economy
August 1971: What Nixon Actually Closed When He Closed the Gold Window
In August 1971 President Richard Nixon suspended the conversion of US dollars into gold for foreign monetary authorities.…
Economy
The 1971 Wage-and-Price Freeze Could Slow a Price Tag, Not Repair a Shortage
Nixon's August 1971 economic announcement included a 90-day freeze on wages and prices alongside the suspension of dollar–gold…
Economy
Why the Federal Reserve Pegged Government Bond Yields During World War II
Today's debates often assume central banks choose interest rates independently. During World War II, the Federal Reserve helped…
Economy
The 1951 Treasury–Fed Accord: Why Central-Bank Independence Became an Economic Issue
A short public statement in March 1951 helped reshape the relationship between American fiscal and monetary policy. After…
Economy
The Marshall Plan Was Also a Strategy to Repair European Trade
The Marshall Plan is often summarized as American money rebuilding European cities after World War II. The State…
Business
What St. Louis Fed Officials Could See at the End of 1929
National narratives of the Wall Street crash tend to focus on New York trading floors. A regional Federal…
Economy
Federal Deposit Insurance in 1934: What the Original $2,500 Limit Signaled
Federal deposit insurance began in January 1934 with an initial limit of $2,500 per depositor. That figure now…
Economy
The Emergency Banking Act of 1933: A Financial Rescue Built at Unusual Speed
The Emergency Banking Act became law on March 9, 1933, just days into Franklin Roosevelt's presidency. It is…
Economy
The United States Changed Its Gold Rules in 1933. Who Gained Policy Freedom?
The American departure from the old gold regime was not a single switch flipped on one morning. Emergency…