palurie on Nostr: It’s always a good day to remember the government confiscation of wealth: 1934: ...
It’s always a good day to remember the government confiscation of wealth:
1934: Executive Order 6102 made private gold ownership illegal in the US.
The government called it "preventing hoarding"
The process was simple:
1. Force citizens to sell gold at $20.67/oz
2. Make holding gold a crime (up to 10 years in prison)
3. After collection, revalue gold to $35/oz
A 69% wealth confiscation through devaluation
Key lessons:
• Physical assets can be confiscated
• Government can criminalize wealth preservation
• Devaluation is a form of confiscation
This is why Bitcoin's unseizability and resistance to confiscation matters ⚡️
1934: Executive Order 6102 made private gold ownership illegal in the US.
The government called it "preventing hoarding"
The process was simple:
1. Force citizens to sell gold at $20.67/oz
2. Make holding gold a crime (up to 10 years in prison)
3. After collection, revalue gold to $35/oz
A 69% wealth confiscation through devaluation
Key lessons:
• Physical assets can be confiscated
• Government can criminalize wealth preservation
• Devaluation is a form of confiscation
This is why Bitcoin's unseizability and resistance to confiscation matters ⚡️