Franklin Roosevelt’s Big Bank Bailout: March 6, 1933

by Gary North

You grew up on this story: “Franklin Roosevelt saved capitalism from itself.” This is one of the major myths of American history.

Here is how we should understand the New Deal: Franklin Roosevelt saved the big bankers from their depositors.

To understand the truth, you must understand what is never mentioned in the textbooks. Roosevelt gave his famous Inaugural Address shortly after noon on March 4, 1933. It is most famous for these words: “We have nothing to fear but fear itself.”

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