5th JUNE ~ HiSTORY ON THiS DAY

June 5th ~ This Day in History video by History.com ~ 1933 : FDR took United States off gold standard : The United States went off the gold standard on the 5th June 1933, a monetary system in which currency is backed by gold, when Congress enacted a joint resolution nullifying the right of creditors to demand payment in gold. The United States had been on a gold standard since 1879, except for the embargo on gold exports during World War I, but bank failures during the Great Depression of the 1930s had frightened the public into hoarding gold, making the policy untenable. | & more about history on this day in the video…