i find it laughable how most of the people think if they'll have high amounts of cash on hand for the proverbial SHTF will be saved, you'll | |
Anonymous Coward User ID: 83021788 ![]() 11/28/2022 11:10 AM Report Abusive Post Report Copyright Violation | |
Anonymous Coward (OP) User ID: 84012043 11/28/2022 11:12 AM Report Abusive Post Report Copyright Violation | Re: i find it laughable how most of the people think if they'll have high amounts of cash on hand for the proverbial SHTF will be saved, you'll all those guns, ammo and military sure did prevent the Gov. Executive Order 6102 Executive Order 6102 is an executive order signed on April 5, 1933, by US President Franklin D. Roosevelt "forbidding the hoarding of gold coin, gold bullion, and gold certificates within the continental United States." Roosevelt hoped that the order would remove the constraint on the Federal Reserve that prevented it from increasing the money supply during the depression. The Federal Reserve Act of 1913 required that there be at least 40% gold backing of Federal Reserve Notes that were issued. By the late 1920s, the Federal Reserve had almost hit the limit of allowable credit, in the form of Federal Reserve demand notes, which could be backed by the gold in its possession. Executive Order 6102 required all persons to deliver on or before May 1, 1933, almost all of the gold coin, gold bullion, and gold certificates owned by them to the Federal Reserve in exchange for $20.67 per ounce. This is equivalent to about $412 today. The Trading with the Enemy Act of 1917, as amended by the recently passed Emergency Banking Act of March 9, 1933, made a violation of the order an offense, punishable by fine up to $10,000 (equivalent to about $200,000 today), up to ten years in prison, or both. |
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Anonymous Coward (OP) User ID: 84012043 11/28/2022 11:21 AM Report Abusive Post Report Copyright Violation | |