[Kenny500c]

It is my understanding that the boom of the 1920's was caused by tons of European gold coming to New York for safe storage and the depression was caused by the return of that gold to Europe.

Only when Europe needed our armaments in the late 30's did the economy get going.

[beaver fever]

"It is my understanding that the boom of the 1920's was caused by tons of European gold coming to New York for safe storage and the depression was caused by the return of that gold to Europe."

You are correct and the bulk of that gold returned as war debt from England and indirectly from France and Germany due to e the Treaty of Versailles.

Churchill exacerbated the situation by pegging the Stirling at an artificially high rate which emptied the British Treasury of gold and filled Fort Knox to overflowing.

That increase of gold into the US Treasury fueled the 1929 speculation bubble which burst. FDR then outlawed all private ownership of gold to protect the US dollar.

Fast forward to the present. No American citizen can enter Fort Knox to physically examine the US Govt's gold holdings.

It's like Area 51.