4min chapter

Forward Guidance cover image

The Fed's Playbook for Fighting Bank Panics, Now vs. The Great Depression | Dr. Jane Knodell

Forward Guidance

CHAPTER

The Gold Standard and the Great Stock Market Bubble

Gold doesn't pay interest, right? Reserves at the Fed don't pay any interest. So to sort of graduate and come into one's own as a monetary authority, you have to have a lot of gold. If there's no gold in your vaults, why should anyone treat your liabilities as real money? And okay, so how did the 1917 amendments cause gold to flood into the vaults of the Federal Reserve? How often was the dollar converted into gold? I'm not sure we know that.

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