Mises Wire
Author:
George Ford Smith
Online Publish Date:
that failed was not the classical gold standard of the nineteenth century. European governments ordered their banks to stop redeeming gold in 1914 so they could gold “in the vaults” by redeeming currencies not in coins but in large bars. Most European citizens were thereby disarmed of their means for keeping government Supreme Court had recently upheld the National Labor Relations Act of 1935, and unions were cashing in. With labor productivity remaining constant, unemployment