Posted on 06/26/2021 9:19:59 AM PDT by aMorePerfectUnion
What is Bolivia worried about?
Perhaps the 25,000% hyperinflationary evaporation of the peso in the '80s has left a deep scarring on the South American countries lawmakers.
In 2018, The Bolivian Central Bank (BCB) took the administrative measure to suspend the sale of dollars in order to maintain its peg to the dollar.
And in doing so, the BCB has been forced to puke away its reserves (now at their lowest level) since 2007.
Source: Bloomberg
All of which is why, as Bloomberg reports, Bolivian lawmakers are debating a bill that would require all gold produced in the country to be offered to the central bank as the nation builds its reserves.
In addition, the law is an effort to crackdown on the illegal bullion trade.
Local producers would need certification to sell abroad, and would first be required to offer their gold to the central bank at international prices in return for tax breaks, according to a copy of the draft bill.
Exports would be permitted once the bank meets its annual buying limits.
Bolivia currently has about $2.6 billion in gold reserves, making it the fourth-largest holder of bullion among South American nations.
A barbarous relic?
Yep, FDR did the same thing; caught with gold it was a $10,000 fine and ten years in jail. After he died, they found lots of gold in his safe.
He was a member in a small club.
The father of a friend of mine found a bag of double-eagle gold coins in a neighbor’s cistern with his metal detector.
Somebody probably hid them there for safekeeping from Roosevelt and forgot to tell anybody where they were.
That is how it works. And if things collapse, no one cares about precious metals, they care about water, food, ammo and guns. You have to get your precious metals and yourself out of the country, and that can be difficult. Better to move before it gets that bad.
Coming to America soon.
I bet a lot of them were hidden during FDR.
If you hid them in a safe deposit box they were confiscated by the bank on behalf of FDR.
The only safe place was in the ground with no witnesses.
Exactly. So did banks give paper money for the gold or just outright confiscate (steal) them?
And yet too many Americans think that tyrant was a good guy.
Good reading.
“Bolivian lawmakers are debating a bill that would require all gold produced in the country to be offered to the central bank as the nation builds its reserves.”
This is not unusual. They do the same thing here only it’s called taxes and can’t be used by anyone else except the government.
wy69
“Better to move before it gets that bad.”
__________________________________
Many wealthy took their gold to the Swiss banks via ships right before FDR did his criminal act against gold holders.
The wealthy knew what was coming because they were tapped into the banking systems and government.
If you hid them in a safe deposit box they were confiscated by the bank on behalf of FDR.
“A myth has gained credence over the years that the IRS executed a nationwide search of safe deposit boxes as part of the government’s “confiscation policy”. The myth is supported by reference to portions of E.O. 6102. I’ve reviewed 6102, and the language cited by the mythmakers is not in the original. Moreover, there are no contemporary accounts of such searches and seizures. It’s hard to imagine they would have escaped press attention.
However, there are a few cases in which gold was, in fact, confiscated (without compensation). As far as I’ve been able to determine, all of these confiscations came as a result of criminal prosecution of people who had violated federal law. There was no widespread prosecution of individuals who simply owned gold. The cases brought by the government were typically against gold traders, dealers, and companies that failed to surrender large quantities of gold.
For example, the first case I found was brought against an individual who tried to withdraw from his bank 5,000 ounces of gold, worth $6.5 million at today’s price. In the depths of the Great Depression, this was an enormous sum, even at 1933 prices. Since the withdrawal request had to be processed by his bank, and the bank was required by law to report such transactions, he was greeted at the bank by federal agents. Clearly, he hadn’t thought it all the way through.
https://www.usmoneyreserve.com/blog/did-fdr-confiscate-americans-gold-in-1933/
At this point, I sometimes wonder what would happen if Biden and company tried to outlaw the private ownership of gold again?
And, of course, how much do the feds know about who owns gold today? A knock on the door, “Bring out your 33 ounces of gold, and you will not be arrested!”
Like good little progressives.
When my grandmother died in 1993 my siblings and cousins descended on the estate like vultures. All I was allowed were some broken plates and two steamer trunks full of old quilts. As was typical of when they were made the quilts were weighted to lay flat on a bed.
I loved these quilts when I was a kid and was happy to have them.
Around 2005 my wife went to repair a couple humble quilts that had been made from flour sacks circa 1930.
Turned out the weights were all $20 gold pieces of various 1700’s and 1800’s origins...my grandmother’s dowry.
This led me to investigate the unusually heavy steamer trunks.
All told there was more than forty pounds of gold. Many of the coins were collector’s items and yielded a tidy sum at Sotheby’s.
I never told my family about the find. Piss on them!
I love a story with a happy ending!
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