{"id":52235,"date":"2020-04-06T19:07:08","date_gmt":"2020-04-07T00:07:08","guid":{"rendered":"https:\/\/olduvai.ca\/?p=52235"},"modified":"2020-04-06T19:07:14","modified_gmt":"2020-04-07T00:07:14","slug":"the-great-government-gold-heist-of-1933","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=52235","title":{"rendered":"The Great Government Gold Heist of 1933"},"content":{"rendered":"\n<h3 class=\"wp-block-heading\"><a href=\"https:\/\/schiffgold.com\/key-gold-news\/the-great-government-gold-heist-of-1933\/\">The Great Government Gold Heist of 1933<\/a><\/h3>\n\n\n\n<figure class=\"wp-block-image\"><a href=\"https:\/\/schiffgold.com\/wp-content\/uploads\/2020\/04\/eo-6102-1280.png\"><img decoding=\"async\" src=\"https:\/\/schiffgold.com\/wp-content\/uploads\/2020\/04\/eo-6102-1280-1024x576.png\" alt=\"\"\/><\/a><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">Yesterday marked the anniversary of the great government gold heist of 1933 ordered by President Franklin D. Roosevelt.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">On April 5, 1933, the president signed Executive Order 6102. It was touted as a measure to stop gold hoarding, but it was in reality, a massive gold confiscation scheme. The order required private citizens, partnerships, associations and corporations to turn in all but small amounts of gold to the Federal Reserve in exchange for $20.67 per ounce.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The executive order was one of several steps Roosevelt took toward ending the gold standard in the US.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">With the dollar tied to gold, the Federal Reserve found it difficult to increase the money supply during the Great Depression. It couldn\u2019t simply fire up the printing press as it can today. The Federal Reserve Act required all notes have 40% gold backing. But the Fed was low on gold and up against the limit. By stealing gold from the public, the Fed was able to boost its gold holdings.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">EO 6102 followed on the heels of an order Roosevelt issued just weeks before prohibiting banks from paying out or exporting gold. Just two months after the enactment of EO 6102, the US effectively went off the gold standard when Congress enacted a joint resolution erasing the right of creditors to demand payment in gold.\u00a0 Then, in 1934, the government\u2019s fixed price for gold was increased to $35 per ounce. This effectively increased the value of gold on the Federal Reserve\u2019s balance sheet by 69%. By increasing its gold stores through the confiscation of private gold holdings, and declaring a higher exchange rate, the Fed could circulate more notes. In effect, the hoarding of gold by the government allowed it to inflate the money supply.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u2026click on the above link to read the rest of the article\u2026<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Great Government Gold Heist of 1933 Yesterday marked the anniversary of the great government gold heist of 1933 ordered by President Franklin D. Roosevelt. On April 5, 1933, the president signed Executive Order 6102. It was touted as a measure to stop gold hoarding, but it was in reality, a massive gold confiscation scheme. [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2],"tags":[21999,303,10853,8687,1183,18779,827,3650],"class_list":["post-52235","post","type-post","status-publish","format-standard","hentry","category-economics","tag-executive-order-6102","tag-fed","tag-franklin-d-roosevelt","tag-gold-confiscation","tag-gold-standard","tag-schiffgold","tag-united-states","tag-us-federal-reserve"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/52235","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=52235"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/52235\/revisions"}],"predecessor-version":[{"id":52236,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/52235\/revisions\/52236"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=52235"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=52235"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=52235"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}