Will history repeat itself? (Dated, but very relevant today)

Schiffgold ^ | April 6, 2020 | Peter Schiff

[eastexsteve]

Yesterday marked the anniversary of the great government gold heist of 1933 ordered by President Franklin D. Roosevelt.

On April 5, 1933, the president signed Executive Order 6102. It was touted as a measure to stop gold hoarding, but it was in reality, a massive gold confiscation scheme. The order required private citizens, partnerships, associations and corporations to turn in all but small amounts of gold to the Federal Reserve in exchange for $20.67 per ounce.

[eastexsteve]

Sound familiar? Don't think it can't happen again. Be careful buying gold eagles. It's coinage. Look on the back of the coin. It clearly says "United States Of America" just as it does on all other forms of our money. If they wanted to pull another gold confiscation on the US citizenry, they legally only have to pay you face value like Roosevelt did. (That's only $50 on a one ounce eagle.) Your safer bet might be to buy Maple Leafs, Krugerrands, or other non-US minted gold coins. Or, buy other non-monetary rounds and bars. Just make sure they are a well-recognized coin or serialized bar.

[Georgia Girl 2]

Yes, everyone will run to turn in their gold. 😆

[EvilCapitalist]

I’m sticking with silver. Not that the Fed Gov couldn’t confiscate that too.

[eastexsteve]

Yes, everyone will run to turn in their gold. 😆

They did in 1933.

[EvilCapitalist]

I think the populace of the United States was way more gullible then.

[SamAdams76]

I would venture to say that the American people are even more gullible now than they were in 1933.

[EvilCapitalist]

Then they’d probably turn in their gold again. As for the gullibility of the populace, you are probably correct, after all look how many took the clot shot.

[eastexsteve]

I think the populace of the United States was way more gullible then.

Oh, I don't know about that. Have you seen any of the "man on the street" interviews that many of the conservative pundits do?

[Texas Fossil]

History does not repeat itself.

The phrase was something like, If we do not learn the lessons from history we will be forced to repeat the failures. (paraphrased)

[Nateman]

Imagine the level of chutzpah needed to support the claim that the Constitution authorizes stopping the trade of something that Civilization has been trading in since Civilization started. This is among the many reasons why I chose FDR as one the worst of the worst presidents.

[EvilCapitalist]

Yes, sadly I have. https://www.youtube.com/watch?v=bYhTFz_SGw0

[Rockingham]

The aim of FDR's gold confiscation order was to diminish the link in the public mind between gold and legal tender paper money. It was reasoned that this would permit the issuance of new paper money without the backing of gold, which would thereby remedy the loss of money in circulation that was a key feature of the Great Depression.

Of course, with FDR's economic policies, confused thinking, unpredictability, and contradictory measures often led to poor results. Moreover, monetary theory had not yet been formulated, so even economists lacked the ideas and analytical tools necessary to understand what was going on.

In any event, in the current era, gold confiscation, higher taxes, and direct federal wealth taxes are all possibilities as the massive federal debt wrecks the dollar and disorders the economy.

[SamAdams76]

Yes, my point exactly. And some of these fools still go around in public with totally useless paper face masks today.

[Manuel OKelley]

Not everyone

I know that my grandparents and much of their family ignored this as well as a slew of other government edicts

[Alberta's Child]

People are far more gullible today, but they are also more resistant to doing anything that requires effort or sacrifice. COVID lockdowns only worked because it was easy to convince people to sit at home on their asses all day.

[Colorado Doug]

I would venture to say that the American people are even more gullible now than they were in 1933.

I would agree with you 100% except for the ones that own gold these days.

[5inch38gunner]

My great aunts husband was a doctor who was a saver who didn’t like banks and didn’t marry until his mid forties. He kept his gold and used small parts of it to buy up Kansas farms during the depression. He bought for dollars cheap and gold under the table to bank managers. Then they found oil under his farms.

[Arlis]

Only ONE person was prosecuted for not turning in his gold.

ONE.

Many turned in their gold in fear.

Many did not.

Who won that one?

[eastexsteve]

Only ONE person was prosecuted for not turning in his gold..Who won that one?

I don't know how many were prosecuted, but many had their gold confiscated. My great uncle was one. When the feds caught up with him, they made him turn over his cache of $20 gold pieces. He was still able to hide some from them. They allowed him to keep personal gold items, but the money was what they wanted.

My great uncle obviously lost that one.

[P.O.E.]

Canned beans and rice may be a more prudent investment.