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World Economic Conference of 1933 (view source)
Revision as of 16:38, June 30, 2016
, 16:38, June 30, 2016→top: Spelling/Grammar Check & Cleanup, typos fixed: Ramsay Macdonald → Ramsay MacDonald
The Conference had been planned with support from President [[Herbert Hoover]]. The agenda had been agreed to in meetings between Roosevelt and the prime ministers of Britain and France who met with FDR in Washington in May 1933.
The Conference had been planned with support from President [[Herbert Hoover]]. The agenda had been agreed to in meetings between Roosevelt and the prime ministers of Britain and France who met with FDR in Washington in May 1933.
[[File:Rams-fdr.jpg|thumb|250px|British Prime Minister Ramsay Macdonald (left) met with FDR in Washington in 1933 to plan the conference. FDR suddenly changed his mind and destroyed the conference while it was underway.]]
[[File:Rams-fdr.jpg|thumb|250px|British Prime Minister Ramsay MacDonald (left) met with FDR in Washington in 1933 to plan the conference. FDR suddenly changed his mind and destroyed the conference while it was underway.]]
The European powers, especially France, proposed immediate agreement on currency stabilization under a gold standard. The head of the U.S. delegation Secretary of State Cordell Hull worked out a compromise to stabilize the US dollar, the British pound and the French frank. On July 3 FDR without warning issued a statement that rejected the compromise and destroyed the conference. He refused to renounce freedom to devalue the dollar, insisting that its purchasing power, not its gold content, needed stabilizing. Hull was humiliated. Another delegate, Senator Key Pittman of the silver mining state of Nevada spent his time trying to arrange subsidies for the silver industry. The conference adjourned July 28, a total failure.
The European powers, especially France, proposed immediate agreement on currency stabilization under a gold standard. The head of the U.S. delegation Secretary of State Cordell Hull worked out a compromise to stabilize the US dollar, the British pound and the French frank. On July 3 FDR without warning issued a statement that rejected the compromise and destroyed the conference. He refused to renounce freedom to devalue the dollar, insisting that its purchasing power, not its gold content, needed stabilizing. Hull was humiliated. Another delegate, Senator Key Pittman of the silver mining state of Nevada spent his time trying to arrange subsidies for the silver industry. The conference adjourned July 28, a total failure.