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The '''World Economic Conference of 1933''' (or the '''London Monetary and Economic Conference''') was a meeting of the major economic powers to coordinate strategy for dealing with the [[Great Depression]].  It met in London in June 10 to July 28, 1933, but collapsed after President [[Franklin D. Roosevelt]] sent a "bombshell message" that indicated the U.S. would not agree to the main proposal.  

The '''World Economic Conference of 1933''' (or the '''London Monetary and Economic Conference''') was a meeting of the major economic powers to coordinate strategy for dealing with the [[Great Depression]].  It met in London in June 10 to July 28, 1933, but collapsed after President [[Franklin D. Roosevelt]] sent a "bombshell message" that indicated the U.S. would not agree to the main proposal.  

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.  

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.  

Historians have long been puzzled as to Roosevelt’s motivation in killing the conference--he had consulted with no one.  The general assumption is that he believed the U.S. was tired of international activity, especially since the system of repayment of World War I loans to the U.S. had broken down.  Roosevelt feared that an international agreement might prevent him from taking the U.S. off the gold standard and limit his flexibility to inflate the dollar.

Historians have long been puzzled as to Roosevelt’s motivation in killing the conference--he had consulted with no one.  The general assumption is that he believed the U.S. was tired of international activity, especially since the system of repayment of World War I loans to the U.S. had broken down.  Roosevelt feared that an international agreement might prevent him from taking the U.S. off the gold standard and limit his flexibility to inflate the dollar.