On March 4, 1933, Franklin D. Roosevelt became president for the first time, promising an “adequate but sound” currency. The next day, a Sunday, he closed the nation’s banks. “We are now off the gold standard,” he privately declared to a group of advisers. Goldbugs in the president’s circle immediately began prophesying doom. One of his aides, Lewis Douglas, proclaimed “the end of Western civilization.”
President Franklin D. Roosevelt set the standard for the first 100 days in office with an unprecedented whirlwind of legislative activity that sought to make good on his pledge for “action and action now” to combat the Great Depression.
The top elected official in Ramapo, New York, Town Supervisor Christopher St. Lawrence, wanted a minor-league baseball team and a new stadium to house it. The park would cost about $20 million and taxpayers wouldn’t have to cover it, he and paid consultants predicted three years ago.
President Vladimir Putin is trying to transform Crimea into the Singapore of the Black Sea. That effort so far has cost Russia’s newest republic its entire banking system and all three of its McDonald’s.
I love the trillion-dollar platinum coin solution to the debt-ceiling blackmail threat, though lots of people find it too gimmicky. They say that a serious government can't pull stunts like that to bolster the financial system.