Fortune - Anne VanderMey
"A surprisingly readable history of U.S. fiscal policy. Starting with America’s earliest currencies . . . the book traces the chaotic end of the gold standard and dissects our modern obsession with trying to bring it back . . . . [Ledbetter’s] measured, persuasive conclusion after surveying two centuries of haphazard fiscal decision making is that a return to a gold standard would be a deeply bad idea. Consider this a must read for the gold bugs in your life"
Ira Katznelson
"What an original, imaginative book! Bristling with ideas, this lucid history reveals the economic, cultural, and political dimensions of gold’s role in the American experience. So doing, it illuminates, informs, and provokes."
Michael Tomasky
"I learned an interesting new fact on nearly every page of One Nation Under Gold, but I also learned more than facts: James Ledbetter shows us how men have been transfixed by this metal and the folly that has resulted from that obsession. A gripping story, and a history that has had far more influence over policy in the United States than you might think."
Joseph E. Stiglitz
"Everyone is familiar with gold but few know of its complex history—until now, thanks to James Ledbetter’s skillful storytelling."
Julian Zelizer
"The material on the gold crisis of the 1960s is really superb—without question the best treatment I have seen of this issue. This was the issue Johnson faced, combined with Vietnam and racial backlash."
Wall Street Journal - James Grant
"[A] chronicle of the American people’s fascination with gold. . . . [Ledbetter’s] well-spun narrative spans the better part of four centuries."
James Surowiecki
"[This] is the first book to really make sense of the tumultuous and entertaining history of Americans’ obsession with gold, brilliantly illuminating how our fascination with the precious metal has shaped our national psyche, sparked political turmoil, and exerted a powerful and often malignant influence on economic policy."
Ralph Benko
"The book is wildly entertaining as well as informative. …Ledbetter is a first-rate reporter with a nose for unearthing great stories. He delivers great and often outré stories in abundance…Ledbetter has written a delightful book, one that succeeds in capturing, among other things, much of the loopiness that has undeservedly tarnished the reputation of the true gold standard."
OCTOBER 2017 - AudioFile
Gold has glittered in the eyes of Americans—including policy makers—since the Carolina gold rush in the nation's early days. Jonathan Yen's narration carries a bit of that fever, sharing the excitement of gold seekers in California as well as the fervor of political discussion. His voice effectively evokes figures such as John F. Kennedy, Jr., and Richard Nixon. The author tracks down every trace of gold in U.S. history, much like Operation Goldfinger probed seawater and meteorites. There's a lot of policy explanation, including a forty-year ban on gold in private hands. Ledbetter also shares a few cautionary tales for would-be gold investors. Overall, Ledbetter gives listeners a sense of gold's importance to the United States, both historically and in the present. J.A.S. © AudioFile 2017, Portland, Maine
Kirkus Reviews
2017-04-04
Is the dollar as good as gold? Not for a long time, writes Inc. editor Ledbetter (Unwarranted Influence: Dwight D. Eisenhower and the Military-Industrial Complex, 2011, etc.), and therein hangs a tale.As the author notes, gold finds in Americans "a psychological wellspring that reaches beyond any purely physical qualities." Monetary gold, however, is more complicated: gold mania may be one thing, but a modern economy is better based on more abundant materials. Still, arguments for the gold standard, which was finally abandoned during Richard Nixon's second term, have been constant throughout American history. Ledbetter has a knack for finding the most interesting, if sometimes-obscure, pleas for gold, many offered by government officials. In the early Republic, one argued strenuously against paper currency, saying "there would be no end to the legion of paper devils which shall pour forth from the loins of the Secretary." In later times, the father of the multibillionaire Warren Buffett, a Nebraska congressman, urged that the Bretton Woods monetary agreements would weaken American sovereignty—which was being betrayed, he added, by Dwight Eisenhower, earning Buffett a reputation as "a bedrock reactionary who shot off his mouth once too often," as columnist Drew Pearson said. Arguments for and against the gold standard have as often been politically as economically grounded, and Ledbetter's book is a touch short on the actual mechanics of gold and its convertibility while satisfyingly long on the sharp political divisions that have formed around it. Now that individual Americans are allowed to own gold—a right, one Swiss-born commentator gloomily warns, that can be taken away at any time—it has returned to popularity. Meanwhile, politicians on the right, including Ted Cruz and Donald Trump, have either outright endorsed a return to the gold standard or confessed to a liking for the sound of it. An absorbing and often entertaining look at precious metal and its place—or lack thereof—in our wallets.
