الولايات المتحدة الأمريكية ومعظم دول العالم كانوا يتّبعون معيار الذهب في ذلك الوقت، مما يعني أن الحكومات وعدت باستبدال أموالها بالذهب بسعر صرف ثابت من أجل توفير الضمانات للمقرضين بأنهم لن يطبعوا الكثير من النقود ويخفضوا بالتالي قيمة مستحقات المقرضين.

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