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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory

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To: Wyätt Gwyön who wrote (24654)	1/14/2005 10:50:00 AM
From: Tommaso	Read Replies (2) of 110194

>>the main reason was that nobody trusted the banks. << No, it was because Roosevelt raised the price of gold from about $20 an ounce to $35 an ounce. And when he made it illegal for private citizens to own it, the only way to invest in it was buying mining shares, at that time, mainly Homestake. The people who did not trust banks simply hoarded cash, which was still fully backed by gold even though you could not own the gold itself. Only a few rich Americans owned gold in European banks--and Kennedy even made that illegal about 1961.

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