Sebastian Edwards, Columnist

Victory in Gold Battle Saved the New Deal

Keynes weighs in, the Supreme Court acts and FDR triumphs: Last of four excerpts from “American Default.”

May 25, 2018 at 2:00 PM UTC

Sebastian Edwards is the Henry Ford II professor of international economics at the University of California at Los Angeles. He is the author of "American Default."

The price of victory.
Photographer: Pierre Perrin/Sygma/Getty Images

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This is the last of four excerpts from "American Default: The Untold Story of FDR, the Supreme Court and the Battle Over Gold."

In mid-November 1933, enthusiasm for Franklin Roosevelt's gold-buying program began to wane.