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6min chapter
Summer School 7: The Great Depression, the New Deal and how it changed our economy
Planet Money
The Great Depression and the Gold Standard
This chapter examines the profound effects of the Great Depression on global economies, focusing on the staggering unemployment rates and the failures of banks. It highlights the critical dilemma faced by Montague Norman, England's central bank head, regarding the gold standard, ultimately leading to a pivotal decision to abandon it. The narrative showcases the ripple effects of this decision on the economy and public sentiment, as fears spread globally amid the financial crisis.
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