In a shocking move, Great Britain suspended its participation in the gold standard, plunging the global economy into chaos. The decision, made on a fateful September 21st, 1931, marked a turning point in the country’s economic history. As the news spread like wildfire, the financial markets in New York and London were thrown into a tailspin. The British pound, once a symbol of stability and strength, was now trading at a discounted rate of 104 francs, 40.77 cents, and 105 francs, 41.11 cents on the Parisian money market.
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Key Facts
- State: National
- Category: Fraud & Financial Crimes
- Era: Historical
- Source: Library of Congress — Chronicling America ↗
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