Today, June 5, 1933: FDR Ends Gold Standard, Bans Private Ownership of Gold [VIDEO]

Constitution.com ^ | June 5, 2016 | Dave Jolly

[Tolerance Sucks Rocks]

Video in original.

[Tolerance Sucks Rocks]

PING!

[BenLurkin]

many members of Congress were not even given enough time to read the bill before having to vote on it

Well then you vote no.

[BigEdLB]

In the end, what good did this do?

[BigEdLB]

Congress critters haven’t changed much in 80 years

[Organic Panic]

FDR. If not the worst, certainly among the most destructive president ever. Obama is running FDRs 5th and 6th terms.

[musicman]

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[lee martell]

I know people who privately do have gold. They don’t need the Government miscounting, overtaxing and confiscating it for them. Me? I don’t even own a penny made of real copper.

[Axenolith]

Paved the way for unfettered deficit spending to buy votes from the recipients of largess...

[oblomov]

In the US, there is no longer a need to ban private ownership of gold.

It has been unmoored from its monetary use by electronic payment systems, and several generations of propaganda against “goldbugs” and “hoarding”.

The number of Americans with significant holdings of physical gold is quite small.

A similar propaganda effort has been directed against Bitcoin. It’s a tool for money laundering, used by drug dealers, terrorists, and a nefarious underworld looking to hire hitmen or acquire child pornography. It’s make-believe money, a speculative ping-pong ball for tech geeks.

[BigEdLB]

That’s my point.

[Fiddlstix]

You Got That Right!!

[SpaceBar]

The 1930’s was the golden age of fascism on both sides of the pond. It was seen as an expedient fix to the instabilities of the twenties. But unlike the germans and italians that were utterly crushed and had their governments rebuilt from scratch, the US still lives with that legacy today.

[mythenjoseph]

I have 100’s of pounds of pure lead....and a bullet press...you?

[lee martell]

“A Bullet Press”. Very creative. And we’re not talking about something weightlifters do either!

[Pelham]

“In the end, what good did this do?”

It was done in order to increase the US money supply by one third. Gold was revalued from $20/oz to $35/oz and therefore the same gold stock could support a larger number of dollars. Don’t know that it was a good idea or accomplished much, but that was the purpose.

Over the previous three years the US money supply had collapsed by a full 30% resulting in a severe deflation. The goal was to re-inflate the money supply.

[Pelham]

“Paved the way for unfettered deficit spending to buy votes from the recipients of largess...”

No, that honor is owned by Nixon when he abrogated Bretton Woods in 1971.

[Tolerance Sucks Rocks]

I thought the 5th and 6th terms of FDR were Dumbo (LBJ).

[Tolerance Sucks Rocks]

Actually, the money supply was supposed to be increase by 69 percent. The article makes some reference to that.

[Jim Noble]

On March 9, 1933, Congress passed the Emergency Banking Act at the strong insistence of Roosevelt, which was so strong and swift acting that many members of Congress were not even given enough time to read the bill before having to vote on it

Can you believe members of Congress used to read the bills they voted on? Incredible!