FDR took the USofA off the Gold Standard. This act was like punching a pin hole in a dike. “It’s just a little pin hole.” But it has turned into a dam-breaker and the flood has caused damage on Wall Street and Main Street.
So Banks started loaning credit, even though they knew it was illegal to do so.
Credit is the opposite of money. Money, which is legal tender for the payment of debts, is defined by Congress in 31 USCA Sec 392. For our purposes, we will call money either coins or currency. Also, no effort will be made to argue that Federal Reserve notes are unconstitutional.
The United States Supreme Court has ruled time and again against the legal authority for banking institutions to lend credit. Both Federal and state laws allow banks to lend money, but banks do NOT have the authority to loan credit.
Since the banks didn’t have the authority to loan me credit, I will no longer be an accomplice in their illegal acts. Join me and 2000 new customers a month in obtaining debt relief. See tagline. (The program is legal, the cost minimal, the length of time in the program averages six months. Within a year your credit rating will be restored.)
I always thought it was Nixon in 1971 that took the USA off the gold standard and that it was Roosevelt that made it illegal to hoard gold.
See August 15, 1971
http://www.nvr.org/pres_content.php?pro=pres&sec=timeline&subsec=5