The Gold Reserve Act of 1934: When FDR Revalued Gold Overnight In 1933, owning gold became a crime. In 1934, the U.S. government confiscated the Federal Reserve's gold and revalued it overnight, creating a massive "paper profit" to fund the New Deal. This is the story of the Gold Reserve Act of 1934, the single most important economic event in the last 100 years. It transformed the dollar from a weight of metal into a political tool, and it centralized financial power in Washington forever. (Video attached below in case YouTube deleted original source)
Gold reserve act was totally illegal pushed by the socialist FDR. If I had gold I would never turn it in.
My grandmother ranted about this until her dying days. FDR took all her gold, revalued it, then raised the price of it. She stayed pissed for decades.
Yeah, History showed us that we would be fools to do so... I just wished I had some. LOL! This was the biggest investment mistake I have ever made not buying when I had a lot of opportunity to do so...
Almost right, everything you say about the gold is correct, however until Kennedy removed the backing of silver on the 5 and 10 dollar bills and the final removal in 1968 on the one dollar bill and the final act by Nixon in 1968 got rid of all new silver coins or redeeming silver notes for silver. So you could at least trade in the US silver notes for silver for a period and paper fed reserve notes for silver coins for a while after that. Now it is all fiat money issued by a private and backed by nothing but a faint promise that it might in fact be based on something. As a person who reloads, I have converted some of those valueless paper dollars to metal holdings in tin and lead ingots. Done very well on the tin ones. It never stops, now they are charge a fee for rain. It is called storm water fee and is to pay for the city taking care if water runoff. They are very interested in bringing it to your city as a good green organization and it is for the children and the enviornment . The Property Owner Guide to Stormwater Utility Fees | Rainplan
