How FDR Destroyed the Dollar

MND ^ | February 21, 2007 | Thomas E. Brewton

[snowrip]

FDR was a socialist, plain and simple. The only thing he lacked was a hatred for America, which the American left has in abundance.

In effect, President Roosevelt confiscated 40% of assets in the hands of individuals, corporations, and banks, without offering any compensation to them.

I think that this is a reach.

[RC2]

Governments like a lot of money, but more than that, they like control of the people. The less money people have, the more control governments have. In otherwords, if you were a multi-millionare, a government would have very little control over you. This is mainly because you have the finances to stand up to them. The person that is only worth working wages, can't stand up to a government and government officials like this. The more they tax you the more control they have. They may say that they need the tax money for social programs but that's just not true. Take the tax money away from the government and the people are back in control.

[HEY4QDEMS]

Currently there is not a single nation in the world that isn't using a fiat currency.

The gold standard would have been abolished by now even if FDR didn't abolish it.

The US has only been on the gold standard as a matter of law since 1900 and by practice since the 1870's, a very short span of time.

The worst depression this country has ever known occurred while we were on the gold standard.

I'm no fan of FDR, but anyone who thinks that we would still be on a gold standard today if not for him and that such a standard would be an economic cure all is living in fantasy land.

[dljordan]

You're going to get flamed for this post.

[the OlLine Rebel]

FDR was an ass. I can't see how anyone would think such an arrogant-snotty-sounding hoity-toy was "helping the working man".

[MadIvan]

Currently there is not a single nation in the world that isn't using a fiat currency.

The Swiss franc is backed by gold, if I recall correctly.

Regards, Ivan

[presidio9]

You're going to get flamed for this post.

I disagree with about half of the articles that I post.

[Domicile of Doom]

My Father who is 74 idolizes FDR. I'm a Gen X'r so all I see is money draining from my wallet into baby boomer support programs like $4 dollar drugs and the like. My Father loves the idea that FDR essentially confiscated the wealth from US Steel and Ford. According to him the Carnegie's, JP Morgan's and Ford's had ALL the wealth and they wouldn't share it. So they got what they deserved, and FDR drained the Treasury of Britain before we would step in and help out with WWII. What an exchange - their money for 400k of our lives!

[HEY4QDEMS]

Not according to this.

[Domicile of Doom]

Can't argue with that old man.

[Einigkeit_Recht_Freiheit]

I didn't get through this whole article but it seems like a load of crap to me.

I mean he is writing about something 75 years ago that the past 75 years of history do not really back up.

The dollar is the world's currency and it has created huge advantages for the US. It is hard to imagine a currency being more important or more powerful than the dollar has been over the last 75 years.

Besides, inflation has been relatively tame due to reasons that have little to do with the currency itself and a little inflation is a lot less bad than a little deflation.

[facedown]

The Swiss franc is backed by gold, if I recall correctly.

I believe this ended in 2000.

[MadIvan]

I stand corrected - the link to gold reserves was terminated in 2000.

Regards, Ivan

[Einigkeit_Recht_Freiheit]

arrogant-snotty-sounding hoity-toy

This just sounds like you don't like how he spoke. There are a lot of Northerners that cringe when they hear Southerners speak too.

I am not going to let you get away with dismissing FDR for his accent. You are going to have to attack the policies you don't like too. Come on do some research and show me your accent and intelligence are not correlated ;0)

[traviskicks]

bookmark

[allen08gop]

Same thought here.

Now, perhaps a dumb question...

Is there enough actual gold to support an economy the size of the US? If supply of gold is limited, then it seems to me that the price would rise as our economy grows and then I get in over my head when it comes to this type of economic situation.

[tacticalogic]

FDR was an ass. I can't see how anyone would think such an arrogant-snotty-sounding hoity-toy was "helping the working man".

The vast majority of the career bureaucrats that inhabit the beltway owe their livlihood to FDR. For them the New Deal is an article of faith and criticizing it tantamount to heresy.

[hubbubhubbub]

You mix opinion with fact.

[the OlLine Rebel]

He WAS. He not only had all the money and estates, and wore the full tuxedo, he had the snotty English aristocrat accent complete with arrogant eyes. Never have I heard anyone speak like that in the sound era.

His whole look/sound didn't match the old "he cares for the working man" catchphrase.


I'm not dismissing him for his accent, just pointing out the incongruity. I hate him for his socialistic policies and his treachery with Stalin and probably before the WWI.