Comment by throw0101d

> The Great Depression was caused by France panic hoarding gold https://www.nber.org/papers/w16350

France was not panic hoarding anything. It was converting its UK pound-sterling holdings to gold so that it could be more independent of other countries by having its own currency better backed without an 'intermediary' conversion through London.

There was no "panic" involved, just simple fairness: if the UK and US could have physical gold in their vaults, why couldn't France?