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Money in the Western Legal TraditionMiddle Ages to Bretton Woods$
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David Fox and Wolfgang Ernst

Print publication date: 2016

Print ISBN-13: 9780198704744

Published to Oxford Scholarship Online: April 2016

DOI: 10.1093/acprof:oso/9780198704744.001.0001

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Swedish Government Bonds, their Gold Dollar Clause, and the 1933 Roosevelt Act

Swedish Government Bonds, their Gold Dollar Clause, and the 1933 Roosevelt Act

(p.770) 34 Swedish Government Bonds, their Gold Dollar Clause, and the 1933 Roosevelt Act
Money in the Western Legal Tradition

Georges Sauser-Hall’s

Oxford University Press

This chapter reproduces the opinion given by Georges Sauser-Hall in the arbitration proceedings between the US and Sweden. Franklin Roosevelt’s June 1933 decision to prohibit payment in gold triggered innumerable legal disputes all over the world. The protests were characterized by an intermingling of issues of monetary law, the law of obligations, and the conflict of laws. One such dispute concerned Swedish bonds, bought in 1924 by Forsakringsaktiebolaget Skandia, a Swedish insurance company. The Roosevelt Act and its prohibition of payment in gold, caused debtors to incur a loss equal to the devaluation of the dollar on the exchange markets. The insurance company brought an action against the Swedish National Debt Office to receive payment either in Swedish kroner or in paper dollars, not at the currencies’ nominal value, but in such a manner that payments made by the debtor should effectively cover the substantial value of the debt.

Keywords:   arbitration award, Georges Sauser-Hall, United States, Sweden, Franklin Roosevelt, gold, monetary law, bonds, Forsakringsaktiebolaget Skandia, Roosevelt Act

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