monikaco on Nostr: April 5 1933: executive order 6102, which President Franklin Roosevelt gave in 1933 ...
April 5 1933: executive order 6102, which President Franklin Roosevelt gave in 1933 for the confiscation of Americans gold.
When the government steals from you
The 1934 Gold Reserve Act subsequently changed the statutory gold content of the U.S. Dollar from $20.67 to $35 an ounce. While this might be seen to some as a move that increased the value of gold, it actually merely devalued the U.S. Dollar so that less gold was required to back U.S. Currency, and the Federal Reserve was free to print more paper money. All international transactions by the U.S. Treasury were afterward calculated with the new valuation for gold at $35 an ounce (equivalent to $824 in 2023)[7]. The resulting profit that the federal government realized funded the Exchange Stabilization Fund, also established by the Gold Reserve Act.
#bitcoin
When the government steals from you
The 1934 Gold Reserve Act subsequently changed the statutory gold content of the U.S. Dollar from $20.67 to $35 an ounce. While this might be seen to some as a move that increased the value of gold, it actually merely devalued the U.S. Dollar so that less gold was required to back U.S. Currency, and the Federal Reserve was free to print more paper money. All international transactions by the U.S. Treasury were afterward calculated with the new valuation for gold at $35 an ounce (equivalent to $824 in 2023)[7]. The resulting profit that the federal government realized funded the Exchange Stabilization Fund, also established by the Gold Reserve Act.
#bitcoin