The Gold-Exchange Standard Was One of the Major Causes of the Wave of Speculation That Culminated in the September 1929 Crisis

By the same token, the gold-exchange standard was a formidable inflation factor. Funds that flowed back to Europe remained available in the United States. They were purely and simply increased twofold, enabling the American market to buy in Europe without ceasing to do so in the United States. As a result, the gold-exchange standard was one of the major causes of the wave of speculation that culminated in the September 1929 crisis. It delayed the moment when the braking effect that would otherwise have been the result of the gold standard's coming into play would have been felt. 

The wiser for this experience, I witnessed with great concern, after the Second World War, the resurgence of the practices that had brought about the Great Depression after the First World War. However, their consequences had been masked until 1958 because they were hidden and given an inverse orientation by the process of inflation in individual countries that had generated the dollar shortage.

--Jacques Rueff, The Monetary Sin of the West, trans. Roger Glémet (New York: The Macmillan Company, 1972), 19.