House joint resolutions 192?

Question

CAN SOMEONE EXPLAIN WHAT THE HOUSE JOINT RESOLUTIONS 192 IS??? IN LAYMANS TERMS!

Answer 1

It took us off the gold standard.

Prior to passage of the law, any person holding a paper or coin dollar was legally entitled to convert it to gold bullion at a fixed rate. However due to the effects of rampant inflation during the Great Depression the counrty would have been bankrupted if it had to pay out that bullion on all dollars in circulation at the time. Times were tough enough as they were; the spectre of that happening was onerous and threatened what little was left of the economy. The nation would possibly have collapsed.