Instead of learning that lesson, the government economists of the era decided that the fault was not in inflationism, but rather, in the gold standard which restricted government's inflationism. In order to remove the golden fetters to inflationism, President Roosevelt issued an executive order banning the private ownership of gold, forcing Americans to sell their gold to the U.S. Treasury at a rate of $20.67 per ounce. With the population deprived of sound money, and forced to deal with dollars, Roosevelt then revalued the dollar on the international market from $20.67 per ounce to $35 per
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