tv Global Economy and the Great Depression CSPAN May 15, 2016 9:50pm-10:01pm EDT
the winning documentary. next, eric talks about the state of the economy after the crash of 1929. he is the author of a book called, "the moneymakers." american history television interviewed him at the meeting in providence. this is about 10 minutes. -- whenoosevelts was roosevelt was elected, what was his plan? the new deal, including public works, mobile is in of the american people to take jobs they would not have had.
mobilization of the american people to take jobs they would not have had. he wanted to improve wages. combathis first acts to deflation was to take the country off of the gold standard. >> who were the major economic advisers? includinga number, one with which he campaigned. he had some advice from george, a professor at cornell. on henryan to lean morgenthaler, who became secretary of treasury. they were all in favor of going off of the gold standard to tackle deflation by raising
prices, allowing roosevelt and the united states government through the federal reserve dollar, tomanage the ease booms and busts. >> world war ii comes. how does that affect the economy? eric: roosevelt uses the idea of antifascist as an alliance in the war. it carries over into the late 1930's and they use currency loans and antifascist measures during the time when the united states was not yet a belligerent. vigorouslyegan to aid britain and used currency devices to send aid to the
brits in 1941. it was done with american aid. the american administration ase and it was-le part of the deal they would sign onto a currency program, which would be an international agent for peacetime. >> roosevelt is concerned about the global economy and the american economy. eric: he is concerned about andnging an economy avoiding fascism. he believes that depression gives rise to fascism and that movements would rise in the united states. of ating recovery prosperous economy around the world would be antifascist, as
well as recovering. >> if world war ii had not come along, with the depression have lasted longer? eric: i think it is tablets at the mobilization for war and spending money the u.s. congress would not have approved of in peace time, it is worth piecing out. from the time he took office to wastime of the war, there recovery taking place. if you projected that, the united states would have recovered from the depression. perhaps not as rapidly. >> the critics argue that his policies were not really working towards getting the country passed the depression. >> certainly, people argue that.
there are also people who argue that apples fly upwards from trees. it is not a thing that actually happens. there was rapid recovery during the first two terms. the united nations monetary conference takes place in june and it isong nations the culmination of currency policies going back to when he took office. the idea of creating an international block of nations nations recurrences of that are rich can ensure prosperity going forward.
of john the ideas maynard keynes and the brecon which conference was -- brecke nwoods conference was an affirmation of those into international agreements. the united nations was not institutionalized, as we now know. they were nations united against fascism. it was the allies. britain, the soviets, and the united states, as well as occupied countries and scandinavian countries will stop also, latin american countries worthy single biggest block. some middle eastern countries were participants. most important contribution?
it was achieving the agreement with the nations that they would go forward in peace time with the idea of allowing governments the discretion to manage economies. it is a big difference from the .ra that had expired it institutionalized a lot of practices and emergency measures. there may have been ongoing peacetime practices. >> was this hammered out during the conference? to formalize agreements that had been reached before. went backof arguments to 1930 or earlier and they had insidevery commonplace of the roosevelt administration from when he took office. to implementdy them when the war broke out. it was just after pearl harbor
that the secretary of the treasury came up with a formalization of the plans that they felt were underway. they felt like there would be a forceto the leverage to these that would not otherwise want to adopt. what about the financial crisis in 2008 question mark -- in 2008? on, int is still going many respects. the response to recent unpleasantness is informed by the history of the great depression. ben bernanke was a historian of the great depression and the response to a lot of what he did what the fed did not do in 1929. they need to ensure that banks
would fail gradually and prevent a panic in the banking system. did andhe things they had failed to do, the recovery program that the administration probably not big boost and ite a from lingering effects we should have learned the lessons of the 1980's. the recovery should be as swift as possible. in part because of the aggressive monetary policy, he
and waseve that concerned that it would give way to fascist movements in the united states. he wanted to see >> has your research raised any additional questions for you? work -- my own research on this book has illuminated me the extent to which 1933 is really a vital turning point in history of the world. that is something i want to go forward and work a little more on in a broader context. an important point in history in terms of monetary policy, adoption of the new deal, in the history of american can -- of american conservatism, and the fate of fascism and anti-fascism in the world. >> thank you very much. >> you are watching american history tv.