The Complete Guide To Investing In Gold And Silver: Surviving The Great Economic Depression by Omar Johnson

Author:Omar Johnson [Johnson, Omar]
Language: eng
Format: azw3
Publisher: Make Profits Easy LLC
Published: 2012-05-24T16:00:00+00:00

People rushed to take their money out of the banks however the banks didn't have the cash to back up those deposits. Banks began failing by the thousands and back in those days there wasn't any FDIC Insurance to protect the depositors so they lost everything.

The Great Depression

Simultaneously, while this was occurring Great Britain defaulted from the gold exchange standard and devalued the pound. Cutting the link between the amount of gold and the amount of money. International investors as well as other countries thought the United States would default from the gold exchange standard also so they began to redeem their dollars for gold. The Great Depression ensued and gold began exiting out of the country to foreign lands.

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