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Episode 253: Gold Standard, R.I.P.

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Episode 253: Gold Standard, R.I.P.

Currency

Episode 253: Gold Standard, R.I.P.

Episode 253: Gold Standard, R.I.P.

  • Download
  • <iframe src="https://www.npr.org/player/embed/376967946/377797082" width="100%" height="290" frameborder="0" scrolling="no" title="NPR embedded audio player">
  • Transcript

Montagu Norman, Governor of the Bank of England, c. 1930 Hulton Archive/Getty Images hide caption

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Hulton Archive/Getty Images

Montagu Norman, Governor of the Bank of England, c. 1930

Hulton Archive/Getty Images

Note: Today's show is a rerun. It originally ran in February 2011.

Franklin Delano Roosevelt ignores the advice of America's big-name economists — and listens instead to a guy who helped take care of the trees on his estate.

Montagu Norman, head of the Bank of England, gets a coded message at a critical moment — and completely misunderstands what it means.

On today's Planet Money: The gold standard and the Great Depression.

It's the latest in our series on gold and the meaning of money. Here's the complete series.

Music: Bright Eyes' "Shell Game." Find us: Twitter/ Facebook/ Spotify/ Tumblr.