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WWW Virtual Library Economic and Business History: Web Resources:
In the fall of , the economy appeared poised for recovery. The previous three contractions, in , , and , had lasted an average of fifteen months. A rapid and robust recovery was anticipated. In November , however, a series of crises among commercial banks turned what had been a typical recession into the beginning of the Great Depression. When the crises began, over 8, commercial banks belonged to the Federal Reserve System, but nearly 16, did not.
The United States had been on a de facto gold standard since the s and de jure gold standard since In the gold standard was built into the framework of the Federal Reserve. The Federal Reserve typically held more than enough gold to back the currency it had issued. The Federal Reserve could increase the stock of free gold by increasing interest rates, which encouraged Americans to deposit in banks and encouraged foreigners to invest in the United States, shifting gold from the pockets of the public both here and abroad to the vaults of Federal Reserve district and member banks. Conversely, when the Federal Reserve lowered interest rates, gold would flow from its coffers into the hands of the public both at home and overseas.
Start your personalized dashboard to track your application progress, get course and activity recommendations, find upcoming events, and learn more about what the program is like and requires of you. Apply online in one of three application rounds. You may only apply once during any application cycle. Let us know if we can help you at any time throughout your application process. Stanford has actively supported the DREAM Act legislation since its introduction in , which would allow undocumented students to continue their education and apply for U.