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The Myth of Gold Confiscation [View article]
However, and I may be wrong, most people held coins (I am not sure jewellery was forced to be handed in) and those coins unless foreign were the property of the US government? What the holder of the coin had was the right to $20 for a double eagle and so on.
As to simply defying the executive order, some who had more than 5oz per person may well have buried their gold. My only question was how they exchanged their gold for cash without getting arrested?
How much was the dollar devalued by? I guess 60% since gold was still the means of international exchange between countries even if it had now disappeared from public transactions. One would also need to look at exchange rates between other currencies which would further obscure the picture since I suspect some of them went through similar gold devaluations.
The Myth of Gold Confiscation [View article]
That is why a gold standard is useless, government will just drop it at the first inconvenience. What is needed is free market money - competing local currencies which the people can vote for via their wallets. Unfortunately, control of the money supply is the last thing government will ever give up to the people.
The Myth of Gold Confiscation [View article]
Besides, what's the gripe? If the government goes back to a gold standard and calls in gold to back up the dollar - isn't that what many gold holders want - so called honest money? Would some of you sacrifice your gold stash for what you in principle have wanted the government to do for years? If you can redeem your dollars for X oz of gold, what's the problem?
Not that I think a gold standard would work ...