 It collapsed after it was "torpedoed" by US President Franklin Roosevelt in early July when he denounced currency stabilization.When the Great Depression devastated the world economy in 1929 to 1932, it was generally assumed that the United States would serve as a hegemon, providing leadership for a program to bring about recovery.US President Herbert Hoover in 1931 called for a conference to decide how to reduce tariffs and also revive prices by reversing the deflation associated with the Depression.