How Americans Lost Their Gold|
by Spencer Guiley, WINS#398
March 4, 2005
In 1933 Americans lost more than 14,000 tons of gold! In order to understand how that we (Americans) lost 37,822,222+ pounds of gold we must start at the the begining.
The problem begins in 1933-1934 when FDR was president for his first term. This is an important era to understand. It is of greater importance still, because history tends to repeat itself. Let’s start off the story with a part of FDR’s speech followed by a quote from his actual confiscation announcement.
"The rulers of money have torn down the dollar……Practices of the unscrupulous money changers stand indicted in the court of public opinion, rejected by the hearts and minds of men. Stripped of the lure of profit by which to induce our people to follow their false leaderships, they have no vision, and when there is no vision the people perish"
By virtue of the authority vested in me by section 5(b), of the act of October 6,1917, (Trading with the Enemies Act of WW I) as amended by Section 2 of the act of March 9, 1933………., I Franklin D. Roosevelt, President of the United States of America, do declare that a period of national emergency still continues to exist and pursuant to said section do hereby prohibit the hoarding of gold coins, gold bullion, and gold certificates within the continental United States by individuals, partnerships, associations, and corporations…"
"All persons are required to deliver on or before May 1, 1933, to a Federal Reserve Bank or branch or agency thereof or to any member bank of the Federal Reserve system all gold coins, gold bullion, and gold certificates now owned by them or coming into their ownership on or before April 28, 1933………….. Until otherwise ordered, any person becoming the owner of any gold coin, bullion, or gold certificates after April 28, 1933 shall within three days after receipt thereof, deliver same in the manner described………"
What did President FDR do?
FDR closed the banks to prevent a run on them. He stopped the minting of US gold coins. He confiscated most of the privately owned gold and forced the banks to turn in many millions of gold coins to be melted into 400 oz bars. He closed all 9,000 of our gold mines BUT…FDR LEFT THE GOLD WINDOW OPEN FOR ANY OTHER COUNTRY TO BUY GOLD AT $35/OUNCE, Presidents Truman, Eisenhower, Kennedy and Johnson also allowed other countries to plunder our gold reserves until our holdings were worth less than what other countries had of OUR money.
This was not too new to us. In 1820’s and 1830’s we allowed the French to buy US gold at face value even though at times the gold they contained was worth more than the coin’s face value. They simply took US gold coins back to France and melted them retaining the profit. Like buying a quarter for $0.10.
This is bad because gold could again be confiscated under laws dating back to 1934.
If people understood the value of money today, there would be a revolution overnight!
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