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Have you heard of executive order 6102?
http://en.wikipedia.org/wiki/Executive_Order_6102
Executive Order 6102 is an Executive Order signed on April 5, 1933 by U.S. President Franklin D. Roosevelt "forbidding the Hoarding of Gold Coin, Gold Bullion, and Gold Certificates." It required all persons to deliver on or before May 1, 1933 all gold coin, gold bullion, and gold certificates owned by them to the Federal Reserve. Under the Trading With the Enemy Act of October 6, 1917, as amended on March 9, 1933, violation of Executive Order 6102 was punishable by fine up to $10,000 ($166,640 if adjusted for inflation as of 2008) or up to ten years in prison, or both. Because of this forced immediate sale of gold to the Federal Reserve at the government set price of $20.67 per troy ounce, this Executive Order is often referred to as the Gold Confiscation of 1933. Shortly after this forced sale, the price of gold from the treasury for international transactions was raised to $35 an ounce; the U.S. government thereby devalued the U.S. dollar by 41%.
Do you think it was a good idea?
What got us out of the Great Depression was production due to World War 2.
http://www.howestreet.com/articles/index.php?artic...
There are graphs showing production during each time period on that link.
Liberal Asskicker, by artificially raising the price of gold, that action demanded that more money be printed by the treasury in order to pay for each ounce. Since it wasn't backed anymore at that point, each dollar printed to pay for the gold (as well as FDR's economic intervention programs), was worth less.
*by the Fed, excuse me
http://www.nolanchart.com/article4732.html
By this one action, the Treasury was instructed to pay $14.33 more "Dollars" for the same ounce of gold that just the day before was valued at $20.67 per ounce. Remember, in this country the "Dollar" was not money, it was redeemable for money, but it was not considered money. Gold was money and money was gold that was the essence of our monetary system. The reality behind this criminal action by FDR was that the people of this country were led to believe that FDR just increased the price of gold, but in fact, in reality, he had, with a stroke of a pen, drastically lowered the purchase value of the "Dollar". Not only had he [the government] confiscated the people's gold, but on top of it he also stole 41% of their purchasing power by devaluing the "Dollar".
Robin, yes it was rescinded, but the act of directly making exchanges via gold instead of money is still illegal.
From the wikipedia article:
The limitation on gold ownership in the U.S. was repealed after President Gerald Ford signed a bill legalizing private ownership of gold coins, bars and certificates by an act of Congress codified in Pub.L. 93-373 [1] [2] which went into effect December 31, 1974. P.L. 93-373 does not repeal the Gold Clause Resolution of 1933, which makes unlawful any contracts which specify payment in a fixed amount of money or a fixed amount of gold. That is, contracts are unenforceable if they use gold monetarily rather than as a commodity of trade.
16 Answers
- Anonymous1 decade agoFavorite Answer
Only 20 years. Hmm...
The private entity which holds no reserves which we call the "Federal Reserve" is formed in 1913 and 20 years later, it has all the gold. What did they do with it? They don't keep reserves. Probably somehow cooked the books and left the gold with the Treasury who can no longer print money on the Constitutional authority of the Congress.
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- RU QuazeeLv 61 decade ago
Yep, that's when the federal reserve bank was cranking up. Part of that plan was to control the value of the world's currencies, so having a tangible asset (gold, silver, etc) backing the dollar had to go.
Now there's no nation on the planet that has a currency backed by assets. Its all smoke & mirrors, the world bank controls everything.
http://www.worldnetdaily.com/news/article.asp?ARTI...
And no, I don't think it was a good idea. Today's 'dollar' is worth somewhere around 2 1/2 cents compared to the value when the gold standard went away. http://en.wikipedia.org/wiki/Gold_standard
- PabloLv 61 decade ago
The idea is backwards now and goods and services are the future of the Markets. Profits are taxable and that is what will bring back Government. The way to devalue a dollar is to print another one and make them worth the same together as the one used to be worth. You know like inflation.
- Anonymous1 decade ago
it was the beginning of the financial enslavement of America. Also was the Federal Reserve act and the Federal Income tax act, which essentially are the same thing (in that they were both done at the same time or near same time)
It takes gold out of the hands of the people and puts it into the hands of very few, very powerful people who replace gold with "there" money and if ever things don't go there way "there" money becomes worthless (and the people unable to help themselve) become slave to the decisions "they " make to correct the situation.
Creat a problem to give a solution.
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- 1 decade ago
At the time it boosted the economy to put paper currency into circulation. I don't like Executive Orders as it circumvents the Constitution.
- Anonymous1 decade ago
Executive orders:
http://www.archives.gov/federal-register/executive...
Not that I doubt you, but "devalued the dollar by 41%? There are too many other things that affect the value of US currency for you to come to that conclusion.
- Anonymous1 decade ago
was rescinded (?by regan or along in that era)
but if the socialists have an opportunity to commit theft, they will
so my liquid money of choice is silver
- mbush40Lv 61 decade ago
Nope, and Poopy that was Order 66.
Former Storm Trooper a long time ago, in a galaxy far, far away...
- LiberalLv 61 decade ago
By what I have read and researched about the Great Depression of the 1930s, it worked. While it did not end the Depression by anny means, it was a step in the right direction.
