Potential for US Gov't to confiscate Gold........
DoubleEagle59
Posts: 8,307 ✭✭✭✭✭
"Gold is money, and nothing else" (JP Morgan, 1912)
"“Those who sacrifice liberty for security/safety deserve neither.“(Benjamin Franklin)
"I only golf on days that end in 'Y'" (DE59)
"“Those who sacrifice liberty for security/safety deserve neither.“(Benjamin Franklin)
"I only golf on days that end in 'Y'" (DE59)
0
Comments
I guess they'll have to start with the US Mint.
In God We Trust.... all others pay in Gold and Silver!
<< <i>Smoking Hot Gold Babe! >>
I wasnt going to watch this until I saw Spooly's comment. Thanks for the heads up!!
Knowledge is the enemy of fear
altered the rules of gold ownership. To think some change wouldn't/shouldn't occur at the next dollar crossroads is just sticking one's head in the sand.
"Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey
<< <i>They have a whole lot of europe's gold, why would they need yours? >>
They don't want our physical gold as it's a pittance in the grand scheme of things. So too is the nation's 8300 ton stockpile of gold a pittance in the big picture.
But what they don't need is a growing underground economy where the velocity of gold, silver, and barter pick up. That avoids the use of dollars and therefore revenue and taxes.
The dollar is more a symbol, just as gold is. Those symbols can throw a lot of weight around at inappropriate times. The only symbols for US money that the govt wants the people
to think about are FRN's and Treasuries. Rather than confiscate any physical metal, it will be easier and more effective to apply onerous restrictions on gold ownership (ie taxes,
fees, registration, ID requirements, additional IRS reporting, increased penalties for noncompliance, etc.).
<< <i>Amazingly enough, many gloom-and-doomers are trying to sell you the very thing they are warning about!!! >>
The gold sellers that warn of government confiscation push the classic series (pre-1933) which were exempt the last time the government confiscated people's gold.
Worry is the interest you pay on a debt you may not owe.
"Paper money eventually returns to its intrinsic value---zero."----Voltaire
"Everything you say should be true, but not everything true should be said."----Voltaire
<< <i>
<< <i>Amazingly enough, many gloom-and-doomers are trying to sell you the very thing they are warning about!!! >>
The gold sellers that warn of government confiscation push the classic series (pre-1933) which were exempt the last time the government confiscated people's gold. >>
I don't believe the govt ever stated in 1933 or 1934 that pre-1933 US gold coins were exempt. That would have been the majority of gold held by US citizens. What they did say
was that "rare and unusual" gold coins would be exempted. But I believe they made no effort to define that terminology. Most people took the statement at face value that very few
US gold coins in 1933 were "rare and unusual." It wasn't until years or decades later that the govt actually came out with an interpretation of what was "rare and unsual." By the
1960's anything pre-1933 was rare and unusual, including a host of very common foreign gold coins. A 1904 $20 Lib or 1924 $20 Saint was not rare in 1933 or even 1963.
For the most part most people in 1933 took the gold order to mean you couldn't have more than $100 in gold coins unless you were a "collector," whatever one's definition of what a
collector happened to be. Couldn't have been very many coin collectors in 1933. It would have been an impossible task for the govt to inspect every person's holdings to determine
if what they had was rare and unusual. It was simpler to let the people interpret it on their own.
–John Adams, 1826
<< <i>Smoking Hot Gold Babe! >>
thanks!!
nothing like a LBD with a pair of CFMP's to sell ANYTHING to males.
<< <i>
<< <i>Smoking Hot Gold Babe! >>
thanks!!
nothing like a LBD with a pair of CFMP's to sell ANYTHING to males. >>
Please pm the English version.
Knowledge is the enemy of fear
<< <i>
<< <i>
<< <i>Smoking Hot Gold Babe! >>
thanks!!
nothing like a LBD with a pair of CFMP's to sell ANYTHING to males. >>
Please pm the English version. >>
PM sent
Knowledge is the enemy of fear
Worry is the interest you pay on a debt you may not owe.
"Paper money eventually returns to its intrinsic value---zero."----Voltaire
"Everything you say should be true, but not everything true should be said."----Voltaire
In addition to roadrunner's remarks concerning how the order got interpreted, I also remember reading that you were allowed to keep no more than 5 of each particular "collectable" coin. Maybe that equates to 5 of the $20 Double Eagles, but I thought the quantity of 5 applied to each specific coin.
Aside from the whole issue of what you could and couldn't possess in 1933, why is there ever any thought that the new governmental order would follow a 1933 precedent anyhow? FDR's rationale for confiscating gold was to prevent a run on gold reserves, but the linkage to the currency was broken in 1971 so that issue no longer exists. Roadrunner's observation that a competing currency cannot be allowed is closer to the mark.
If the UN is being invited in to observe US elections, and if the UN Small Arms Treaty is made law via the back door without Senate ratification, what would ever make you think that they can't just come in and outlaw or confiscate your gold, (if you had any, that is)?
And also, what is: "a LBD with a pair of CFMP's"? Inquiring minds want to know.
I knew it would happen.
In God We Trust.... all others pay in Gold and Silver!
<< <i>And also, what is: "a LBD with a pair of CFMP's"? Inquiring minds want to know. Ditto! >>
Glad I wasn't the only one. LOL
Knowledge is the enemy of fear
<< <i>
<< <i>And also, what is: "a LBD with a pair of CFMP's"? Inquiring minds want to know. Ditto! >>
Glad I wasn't the only one. LOL >>
Ditto
–John Adams, 1826
Is it so that they can turn around and "confiscate" it?
imo, no, it's the opposite: so that the public will have these metals on hand to provide certain personal and national stores of these forms of wealth
Liberty: Parent of Science & Industry
Jim Sinclair is talking about this on his site. He says that it was FDR's method of QE, which makes sense in retrospect. After devaluing the dollar against gold, he could create more of them for his Keynesian programs without obvious blowback, except for the gold owners.
While there was monetary theft, 1933 was in no way a confiscation.
But it was a Confiscation Order, and the threat of confiscation, a $10,000 fine or imprisonment had the force of law.
I knew it would happen.
<< <i>Somebody may have already stated this - but, the govt did not confiscate gold. It paid fair market value to those who brought them their gold (which was just about eveyone). Of course, once they had all of the gold they then devalued the dollar. So they in effect did pay fair market value with one hand while they had their other hand in your pants pockets. While there was monetary theft, 1933 was in no way a confiscation. >>
It was definitely confiscation (or extortion if you prefer that term) since people did not have any choice in the matter---they were threatened with heavy fines and imprisonment if they didn't comply with this order.
Worry is the interest you pay on a debt you may not owe.
"Paper money eventually returns to its intrinsic value---zero."----Voltaire
"Everything you say should be true, but not everything true should be said."----Voltaire
They can do anything they damn well please.
However, if you want to feel safer, take a look at where Congress keeps it's individual wealth. If Congressmen and Congresswomen hold stocks and RE, you can bet they won't vote against their own interests. People rarely vote against their own interests. People may vote for the public good if it coincides with their own interests.
Now that's a survey that I'd really like to see done.
I knew it would happen.
<< <i>It was definitely confiscation (or extortion if you prefer that term) since people did not have any choice in the matter---they were threatened with heavy fines and imprisonment if they didn't comply with this order. >>
I read somewhere that they never much enforced it, and only one case came to trial and even that never came to anything. If thats the case it was more of a superficial decree.
But I'm a bit worried now. If the dollar fails and its run away inflation, what do we really do?
What will they really do? If the real 'money' is in the hands of the citizens (PMs), they may try to get it or make it illegal to trade and move, which is far worst.
I mean what did they do after the depression, was the dollar grow to be worth more again?
What if the entire fiat currency fails again, what will they come up with to replace it, or do we just suffer for a decade?
It sounds like if you have something, they will want it for the good of the country....
<< <i> If the dollar fails and its run away inflation, what do we really do?
What will they really do? If the real 'money' is in the hands of the citizens (PMs), they may try to get it or make it illegal to trade and move, which is far worst.
I mean what did they do after the depression, was the dollar grow to be worth more again?
What if the entire fiat currency fails again, what will they come up with to replace it, or do we just suffer for a decade?
It sounds like if you have something, they will want it for the good of the country.... >>
"they will want it for the good of the country"
I think since the Vietnam War and all the wars since, the common folk don't trust what the politicians say what 'the good of the country' is anymore.
"“Those who sacrifice liberty for security/safety deserve neither.“(Benjamin Franklin)
"I only golf on days that end in 'Y'" (DE59)
Columbia, and also 1-2 dozen other politically risky jurisdictions. Those nations don't pay as much attention to international laws. But whatever can't be directly confiscated or
bought on the cheap, can be taxed to death or environmentally squeezed to reach the same end.