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Roosevelt and his cronies engineered a massive, politically mediated breach of contracts as to both paper currency and debts: terminating the domestic redemption of all currency in gold (which helped the banks and the Treasury); and outlawing and repudiating all private and public contracts and other debts that required payment in gold (which helped all big, politically connected debtors). In and of itself, this was the largest one-time political rip off in American history.

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