One Nation Under Gold

One Nation Under Gold

How One Precious Metal Has Dominated the American Imagination for Four Centuries

Book - 2017
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Worshipped by Tea Party politicians but loathed by sane economists, gold has historically influenced American monetary policy and has exerted an often outsized influence on the national psyche for centuries. Now, acclaimed business writer James Ledbetter explores the tumultuous history and larger-than-life personalities--from George Washington to Richard Nixon--behind America's volatile relationship to this hallowed metal and investigates what this enduring obsession reveals about the American identity. Exhaustively researched and expertly woven, One Nation Under Gold begins with the nation's founding in the 1770s, when the new republic erupted with bitter debates over the implementation of paper currency in lieu of metal coins. Concerned that the colonies' thirteen separate currencies would only lead to confusion and chaos, some Founding Fathers believed that a national currency would not only unify the fledgling nation but provide a perfect solution for a country that was believed to be lacking in natural silver and gold resources. Animating the "Wild West" economy of the nineteenth century with searing insights, Ledbetter brings to vivid life the actions of Whig president Andrew Jackson, one of gold's most passionate advocates, whose vehement protest against a standardized national currency would precipitate the nation's first feverish gold rush. Even after the establishment of a national paper currency, the virulent political divisions continued, reaching unprecedented heights at the Democratic National Convention in 1896, when presidential aspirant William Jennings Bryan delivered the legendary "Cross of Gold" speech that electrified an entire convention floor, stoking the fears of his agrarian supporters. While Bryan never amassed a wide-enough constituency to propel his cause into the White House, America's stubborn attachment to gold persisted, wreaking so much havoc that FDR, in order to help rescue the moribund Depression economy, ordered a ban on private ownership of gold in 1933. In fact, so entrenched was the belief that gold should uphold the almighty dollar, it was not until 1973 that Richard Nixon ordered that the dollar be delinked from any relation to gold--completely overhauling international economic policy and cementing the dollar's global significance. More intriguing is the fact that America's exuberant fascination with gold has continued long after Nixon's historic decree, as in the profusion of late-night television ads that appeal to goldbug speculators that proliferate even into the present. One Nation Under Gold reveals as much about American economic history as it does about the sectional divisions that continue to cleave our nation, ultimately becoming a unique history about economic irrationality and its influence on the American psyche.
Publisher: New York, NY : Liveright Publishing Corporation, [2017]
Edition: First edition.
ISBN: 9780871406835
Characteristics: xvii, 380 pages : illustrations ; 25 cm


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Apr 11, 2018

An interesting exploration of how the (current) most powerful economic has a fixation with gold. The book is a chronological narrative of the history of gold since the US Constitution in 1788 until nowadays. The historical events gives context and understanding of why gold is the backup or hedging asset by excellence, in contrast with the dollar as a fiat current.

A recommended reading to all of these that need to understand the value of gold in terms of economic, politic and social power.

Dec 31, 2017

Ledbetter pretty well disguised his ultra liberal political slant until the end. Finally seeing it, explained why he pretty much pooh poohs gold. Like all liberals, he stupidly feels that the government should control our lives and when something like cryptocurrencies surface, he is totally against it, even if it can truly benefit mankind. Anything we can keep out of control of government, bureaucrats, and banks is always good. Libs, however, don't like that.


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