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Posts Tagged ‘FDR’

On the June 24, 2010 episode of The Korelin Economics Report, Steve Carr of Alliance Investment Group said in the first segment:

We really encourage people in their diversification, to consider silver above ground, because it’s never been confiscated in the history of this country, and own gold under the ground.

However, silver was confiscated by the U.S. government in 1934, with President Franklin Roosevelt’s Executive Order 6814.

In January 2010, I wrote about the historical confiscation of gold and silver as one of the reasons why platinum is the overlooked investment metal and currency.

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In response to my article, “Gold confiscation: It depends on what gold, and how much,” someone posted a link to this video, by Mike Maloney of GoldSilver.com.

In it, Maloney makes one false statement, and one misleading one.

1) “They took it and they put it all in one place owned by the government, so it was nationalized.”
False. It was given to the illegal privately owned Federal Reserve banking cartel.

2) He says that people were compensated for the gold that was taken from them, which is true, and I mentioned that in my article. However, it was taken at the figurative point of a gun at $20.67, only for the price to be unilaterally raised half a year later to $35 an ounce. I argue that’s a violation of the 5th amendment protection of “just compensation” for the taking of private property, on two fronts. 1) A 60% unilateral increase in half a year isn’t just and 2) It wasn’t taken for public use, but for use by the illegal privately owned Federal Reserve banking cartel.

Additionally, he claims that the there was no confiscation of gold, saying that confiscate means to take without compensation.

From Merriam-Webster’s Online dictionary, confiscation is defined with the entry confiscate, as:

1. to seize as forfeited to the public treasury
2. to seize or as if by authority

Definition 1 doesn’t apply in this case, since the gold had to be turned over the illegal privately owned Federal Reserve banking cartel, and not the public treasury.

Definition 2 applies, and mentions nothing about it being seized without compensation. Indeed, the gold was seized, by the figurative barrel of a gun, backed by criminal penalties, as outlined in FDR’s Executive Order 6102.

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