Can you believe this happened in America? FDR literally confiscated the gold of your ancestors during the Great Depression and nobody ever saw it again!!!
In 1929, after a decade of extreme monetary manipulation by the Federal Reserve, which had been called into existence in 1913, the stock market suffered an enormous collapse, an event that led to the crisis and emergency known as the Great Depression.
It was that major crisis and economic emergency that Roosevelt seized upon to confiscate the gold-coin holdings of the American people.
Notice something important about FDR’s action: The Constitution, which provided for a gold-coin, silver-coin monetary system, can only be amended through the process outlined in the Constitution.
Roosevelt did not go through that process. Instead, he simply used the emergency to justify his nullification of the Constitution by executive decree.
His action is a perfect example of how crises and emergencies can result in tyranny and oppression… Do you think it could happen again? I doubt it… But the politicians are going so crazy right now that everything is possible! Take care!
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Theft.
What they did was illegal/unconstitutional, but they didn’t confiscate it. They paid folks in paper dollars at the fixed rate of $20 an ounce at the time. And paper dollars were still backed by gold. Americans could no longer redeem them for gold. When they finished, they revalued gold to $35 an ounce. A massive theft from the American people, as overnight, the dollar was devalued. Confiscate is wrong term. They were forced to redeem gold for paper.
Yep, that’s what I read happened too. Good points.?
Paper ‘money’ is unconstitutional.
Gold & Silver coins are the only Constitutional Money allowed…period.
If you attempted to change that PAPER into Gold/Silver they did not allow that to happen.
Follow the US Constitution as our Forefathers wrote/meant it and our Lives will be Great.
FDR was a fricken communist tyrant. People can call him a Progressive, but in my book he was a fckin communist shitbag. We have worse running the shitshow now. May they burn in hell, for all eternity!
Yep and McCarthy was correct…there were and are Communists in the Federal govt.