The World Economic Conference in London opened on 12 June and ended--virtually--on 8 July, five days after receiving the "bombshell" message of President Roosevelt.
That message read as follows:
I would regard it as a catastrophe amounting to a world tragedy if the great Conference of Nations, called to bring a more real and permanent financial stability and a greater prosperity to the masses of all Nations, should, in advance of any serious effort to consider these broader problems, allow itself to be diverted by the proposal of a purely artificial and temporary experiment affecting the monetary exchange of a few nations only. Such action, such diversion, shows a singular lack of proportion and a failure to remember the larger purposes for which the Economic Conference originally was called together.
I do not relish the thought that insistence on such action should be made an excuse for the continuance of the basic economic errors that underlie so much of the present world-wide depression.
The world will not long be lulled by the specious fallacy of achieving a temporary and probably an artificial stability in foreign exchange on the part of the few large countries only.
The sound internal economic system of a nation is a greater factor in its well-being than the price of its currency in changing terms of the currencies of other Nations.