March 9, 1933 – FDR issued the order to confiscate all privately owned gold from the American people. The people were forced to sell at $20.67/ounce, the ongoing price of gold for nearly 100 years. After the confiscation, gold was revalued at $35/ounce.
The Americans who invested in gold were allowed to ‘own’ it while the price was fixed, but forced to sell it when the price was set to raise. Smells of the same stink as insider trading we always hear about.
Mid 1980′s – Ron Paul on the Gold Commission in the House of Representatives in a determined battle to repeal from Congress the power to confiscate gold in an economic emergency. Ron Paul’s efforts were voted down 15 to 1.
Mar, 2008, Today – The laws remain the same today. Congress can confiscate your gold anytime they wish.
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