Thanks for posting that. First thing that came to my mind when I read the part about 50 bucks. She lost 40% of her net worth when Roosevelt devalued the dollar-gold peg over a one year period.
‘She lost 40% of her net worth when Roosevelt devalued the dollar-gold peg over a one year period.’
Interesting—thanks for the historical context. Roosevelt was a financial wrecking ball:
‘FDR didn’t know what to do about the Great Depression he inherited from Herbert Hoover, so he tried everything. He hiked taxes, spent more money, established monopolies, enforced cartels, filed antitrust lawsuits, promoted compulsory unionism, multiplied business regulations, denounced investors, and started welfare programs, public works projects, a big entitlement, on and on.
One theme runs through such misguided policies: the failure to focus single-mindedly on the recovery of the private sector that pays all the bills, including tax bills. FDR was very much a creature of the “progressive” era, when many intellectuals embraced the view that experts could make a better world if only they had enough power.’
https://www.lewrockwell.com/2009/05/jim-powell/fdrs-biggest-mistake-during-thedepression/