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George Selgin: Depositors real losses from 1934 devaluation were limited

George Selgin: Depositors real losses from 1934 devaluation were limited
Depositors losses limited after 1934 devaluation

George Selgin examines the impact of the 1934 devaluation on depositors. He acknowledges that depositors were deprived of a valuable right but argues that their real losses were not greater, as the Consumer Price Index rose less than 4 percent between 1934 and 1939. Selgin also points out that devaluation boosted nominal bank deposits during that period.

Selgin has previously discussed how solutions addressing supply shocks may help contain inflation only when those shocks are the primary cause, rather than excess spending, as noted in an earlier analysis. He has also challenged claims about historical banknote discounts, pointing out that pre-Civil War northern bank notes traded at less than a 1% discount in cities like New York and Chicago, according to his research on bank note history. These prior observations inform Selgin's approach to evaluating monetary events.

This material may contain third-party opinions, none of the data and information on this webpage constitutes investment advice according to our Disclaimer. While we adhere to strict Editorial Integrity, this post may contain references to products from our partners.

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