Gold is a hot commodity, but, for a while it wasn't. In fact, it was illegal to own more than a nominal amount of gold.
Today in 1933, President Franklin Roosevelt ordered everyone to turn in their gold coins, gold bullion and gold certificates to their local Federal Reserve Bank or affiliate, by 1 May 1933.
The Wikipedia article on Executive Order 6102 can be found here.
Check out the Instapundit's comments at the first link.
Regards — Cliff
I think I disagree with Instapundit on his assertion that today folks would be more resistant to the kinds of government heavy handedness exhibited by Roosevelt, et al. I think that people today roll over much more easily than at any time in history, a character trait more evident since Obama has taken office and implemented many radical changes via executive order, much in the Roosevelt tradition of dictatorial Presidential "leadership."
ReplyDeleteMuch, if not most of the mandates that were implemented by FDR were, as with Obama today, disastrous and overturned by both Congressional action AND by SCOTUS review. The latter led to a near all out war by FDR on the SCOTUS and eventual packing of the Court with members more favorable to the socialist predilections of the Roosevelt administration. But, it was too little too late as much of his New Deal found its way into the dustbin of National history. An example of the impact of New Deal initiatives can be found today in the runaway cost of SS and Medicare, perhaps both the greatest and most costly legacies of FDR's reign.
Given the realities of today's world and national markets, owning gold is much more symbolic than "sensible security" as one can only "buy high" and may well subject the owner at a future date to have to "sell low" in the panic market that awaits America's fiscal future.