Question #3dc3b
2 Answers
It made illegal the possession of gold until 1974
Explanation:
Roosevelt was part of a banking family(You can read Anthony Sutton's book about the Federal Reserve and FDR) and the gold that he seized was used to save Wall Street from complete collapse. The gold was given to the banking oligarchs and given an artificial value of 35 dollars an ounce. Wall Street had a monopoly on gold and could thus revive the banking system artificially. The Federal Reserve was indeed enabled to increase the money supply. Possesion of gold(apart from antique coins) became legal again thanks to Ron Paul in the course of the seventies.
Actually the removal of the gold standard was a socialistic movement designed to liberate the American People.
Explanation:
The Gold standard required that 40% of any loan be backed by gold. This made loans to people of moderate financial means difficult and close to impossible during the depression. The depression had caused the value of the dollar to drop. When England dropped the gold standard in England it caused inflation in England and further devaluated the American dollar.
Depression and devaluation was hurting the American farmers, and small business owners. The value of the dollars borrowed was greater than the value of the dollars needed to pay off the loans. The loans to the big banks became more difficult for the common person to pay off. People were losing their farms, their business and homes.
Removing the gold standard created inflation which made it easier for people to pay off their loans with dollars that were not worth as much as the dollars were when the loans were taken out.
Big banks opposed the removal of the gold standard. A Swizz Banking Company had $1,250,000 dollars worth of gold taken by the US government. This was enforced socialism by executive order 6102.
Failure to surrender gold to the federal government was punishable by a $10,000 fine and up to 10 years in prison. This was a heavy handed use of federal force by the president FDR. The result did help to end the great depression. Many people of moderate financial means were able to keep their homes, farms, and business due to the actions of President Roosevelt.
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The executive order 6102 was an imposition of governmental power over individual rights. It was done to help out the common person at the expense of the big banks and wealthy owners of large amount of Gold. The executive order was reversed by President Ford in 1974.
The removal of the Gold Standard was intended by FDR to liberate the American people not to enslave them. The main victims of the executive order were the big banks.
