Gold confiscation Most Americans are unaware of this, but in the 1930s, by way of Executive Order 6102, President Franklyn D. Roosevelt actually outlawed gold ownership. The Order forbade “…the hoarding of gold coin, gold bullion, and gold certificates within the continental United States.” Once the Order had been enacted, owning gold became a federal crime, punishable by ten years in federal prison and a $10,000 fine; no individual, partnership, association, organization, or corporation could possess monetary gold, in any form, for any reason. The Order commanded all U.S. citizens to, at once, relinquish the gold they rightfully owned to the U.S. government. Citizens were then given paper dollars for their gold, at a price of $20.67 per ounce. When all gold was collected, FDR immediately devalued the dollar by reissuing the price of gold at $35 an ounce. In other words, U.S. residents that turned in their gold lost almost 50% of that savings value overnight! Don’t think this scenario could happen? In the 1930s, neither did they!
Posted on: Fri, 19 Dec 2014 20:07:23 +0000
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