Coolidge's Self-Deception

"Prime Minister, perhaps we should seriously consider the Australasians' proposal." The Chancellor of the Exchequer looked cautiously at Prime Minister Baldwin and proposed very seriously.

Prime Minister Baldwin fell into a brief silence, then nodded and said, "We will, but definitely not now. The economic crisis hasn't dealt a heavy blow to the US yet, and we still have to guard against the Americans' actions. Once we determine that the Americans are too preoccupied with the economic crisis to care about anything else, that might be the time for us to abandon the gold standard."

The gold standard was still the monetary system used by countries around the world, and global currencies were all pegged to gold, which was also the fundamental reason currencies could retain their value.

Once the British Government voluntarily abandoned the gold standard, the depreciation of the pound was an inevitable matter.

Although it wouldn't depreciate by more than half like France, it would still be a heavy blow to the international reputation and currency status of the pound.

At present, the only thing that still posed a threat to the pound was the US dollar. Before the US was thoroughly crushed by the economic crisis, the United Kingdom could not voluntarily abandon the gold standard.

Otherwise, given even the slightest chance by the Americans, the US dollar could replace the pound as the new world currency at any time, which was unacceptable to the British.

Hearing Prime Minister Baldwin's decision to abandon the gold standard in the future, the members of the Cabinet changed expression, but none of them spoke.

They were clear on the price of abandoning the gold standard, but they were even clearer on the price the economic crisis was currently exacting from the United Kingdom.

If they could not properly resolve