Posted on 04/03/2014 3:46:27 PM PDT by OldNavyVet
Eighty one years ago today, FDR published Executive Order 6102 ... confiscating ALL privately held Gold.
Stay tuned!
Why did FDR do this? Does anyone here know?
"On March 6, taking advantage of a wartime statute that had not been repealed, he issued Presidential Proclamation 2039 that forbade the hoarding 'of gold or silver coin or bullion or currency,' under penalty of $10,000 and/or up to five to ten years imprisonment."
I refuse to comply! ;-)
Ostensibly because gold hoarding adversley affected the economy and deepened the depression. In reality, FDR took siezed gold assets, exchanged at “fair” value to the original owners, then jacked the price of gold up to artificially inflate the economy (which predictably, didn’t work). Ain’t Gub’mint grand?
Section 8, Clause 5: To coin Money, regulate the Value thereof, and of foreign Coin, and fix the Standard of Weights and Measures;
Note that the dictionary definition of coin clearly indicates metal currency.
Section 10, Clause 1: No State shall enter into any Treaty, Alliance, or Confederation; grant Letters of Marque and Reprisal; coin Money; emit Bills of Credit; make any Thing but gold and silver Coin a Tender in Payment of Debts (emphasis added); pass any Bill of Attainder, ex post facto Law, or Law impairing the Obligation of Contracts, or grant any Title of Nobility.
So what am I overlooking?
Give it a try, King Obama, and your career is over in a way you, a child dictator, could never imagine..
ping
The feds may get the gold, but they’ll get the lead first.
This was very soon after the bank holiday. Remember many banks around the country had failed. People were becoming more and more frightened about what disaster was coming next and what could be done to avoid it. Confiscating the gold and giving paper notes in exchange was seen as a way of reinflating the economy.
By the middle of 1933 people were in such a state that if they were told that standing on their head at noon would fix things they would have done it.
FACT that almost no one knows:
GUESS HOW MANY PEOPLE WERE ACTUALLY PROSECUTED UNDER THIS LAW???????
ONE!
Which means everyone who turned in their gold was a fool.
And - no one has any idea how many people kept their gold hidden - or how much was hidden.
Some think that the actual percentage of what was turned in was small.....but nobody knows.......
The banks closed for several days and all Safety deposit boxes were opened, gold removed and replaced with federal reserve notes. So I think a lot of people were affected. I think they called it a bank holiday...
The banks closed for several days and all Safety deposit boxes were opened, gold removed and replaced with federal reserve notes. So I think a lot of people were affected. I think they called it a bank holiday...
‘make any Thing but gold and silver Coin a Tender in Payment of Debts (emphasis added); ‘
which would make our paper money illegal. Unless the argument is made that paper money represents or is backed by physical gold and silver, which it used to be obviously. But now, there is no defense for paper money or credit even. hmmm...
Yes, unless the states amended the Constitution to allow for paper money. But this is probably a bad idea as evidenced by hindsight.
Yup.
Moral of story: if you have PM’s, don’t keep them in a bank deposit box.
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