by Keith Weiner, Acting-Man.com:
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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