The tweet was deleted by the author.
But we saved everything 🙂.
George Selgin highlights how the Federal Reserve's gold reserves increased over time rather than experiencing an immediate $2.8 billion jump following devaluation.
He explains that instead of a sudden change as some claim, the reserves grew gradually as gold flowed into the U.S. from abroad. Selgin adds that devaluation played a role in encouraging these inflows.
Selgin has previously critiqued government interventions, describing efforts during spending collapses as bailouts for producers. He has also pointed to the impact of Hoover-era policies and Britain's gold standard exit as major factors in the U.S. depression. These past remarks offer context to Selgin's recent analysis of gold reserve movements.