The Money Makers: How Roosevelt and Keynes Ended the Depression, Defeated Fascism, and Secured a Prosperous Peace

The Money Makers examines President Franklin D. Roosevelt's monetary policies during the Great Depression and World War II. The book follows Roosevelt's decisions to take the U.S. off the gold standard and devalue the dollar, exploring his collaboration with British economist John Maynard Keynes. Through extensive research and historical documents, author Eric Rauchway traces the economic strategies deployed to combat both domestic financial crisis and international instability. The narrative covers the period from FDR's pre-presidency through the establishment of the Bretton Woods system, documenting the transformation of global monetary policy. Roosevelt and Keynes emerge as the central figures in a complex economic and political drama that shaped twentieth-century capitalism. Their efforts to stabilize currencies and reform the international financial system played out against the backdrop of rising fascism and world war. The book presents monetary policy as a powerful tool in the broader fight for democracy and international cooperation, linking economic decisions to their social and political consequences. This connection between monetary policy and political outcomes remains relevant to contemporary debates about global economics and governance.

Readers appreciate the detailed exploration of Roosevelt's monetary policy and Keynes's influence during the Great Depression. Many note the book clarifies complex economic concepts through clear writing and specific examples. Positive reviews highlight: - Fresh perspective on FDR's gold policy decisions - Strong research and primary source citations - Clear connections between 1930s policies and modern economics Common criticisms: - Too much focus on Harry Dexter White - Limited coverage of World War II's economic impact - Some readers found the monetary policy details overwhelming Ratings: Goodreads: 3.97/5 (88 ratings) Amazon: 4.3/5 (41 ratings) One Amazon reviewer wrote: "Explains monetary policy without getting lost in technical jargon." A Goodreads reviewer noted: "Could have better balanced economic theory with real-world outcomes." Several academic reviewers praised the archival research but questioned whether Roosevelt was as deliberately strategic about monetary policy as the author suggests.

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🌟 During the interwar period discussed in the book, the U.S. dollar was valued at $20.67 per ounce of gold—until Roosevelt changed it to $35 per ounce in 1934, marking a revolutionary shift in American monetary policy. 🌟 Author Eric Rauchway is a Distinguished Professor at the University of California, Davis, where he specializes in the Progressive Era and the New Deal. He has written six books on American history and politics. 🌟 John Maynard Keynes sent FDR a personal letter in 1933 warning him about the dangers of strict adherence to the gold standard, but Roosevelt initially dismissed Keynes's advice as too academic. 🌟 The economic policies developed during this period led to the creation of the International Monetary Fund and the World Bank at the Bretton Woods Conference in 1944, institutions that still influence global finance today. 🌟 During the Great Depression, nearly half of America's banks failed—about 9,000 banks closed between 1930 and 1933 alone, resulting in millions of Americans losing their savings.