The Phaserl


Gold Confiscation

by Keith Weiner,

It is well known that in 1933, President Roosevelt confiscated the gold of U.S. citizens and made possession of gold illegal. He gave gold owners about $20 an ounce and when he was done, he raised the gold price to $35. The common telling of this story portrays it as a simple case of robbery. It makes people wonder if 1933 is a precedent, if the government might confiscate gold in the not-too-distant future.

I don’t think it was so simple.

Let’s look at how the monetary system worked prior to 1933. The U.S. had a central bank, but it did not have the unlimited and arbitrary power that the Fed wields today. Gold performed a vital function in the economy, regulating credit and interest.

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