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Obama Planning to Confiscate Gold?
I recently talked to a credible acquaintance. A partner of his has 37 tons of gold at a US port unable to get released. He mentioned Obama was expanding Fort Knox 600% and stated he'd heard, in anticipation of a gold confiscation much like FDR did in '33. I could see the rationale if the dollar keeps dropping and our foreign debt holders get concerned we're totally insolvent. Anyone think there is validity and what would it do to gold prices?
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Why confiscate gold when he can confiscate our retirement plans first, saying we need to invest all our retirement in safe treasury bills?
Why confiscate gold when he can confiscate our retirement plans first, saying we need to invest all our retirement in safe treasury bills?
My answer to your why would be: If the Bric's (Brazil, INDIA, Russia and CHINA) created a new reserve, which was in part backed by gold (or some other PM) and we didn't have gold we'd be toast. Well we are already toast, we'd be really burnt toast. The two in caps have done a massive amount of buying.
I've read a lot about the confiscation: Some things that I recall off hand:
- Wasn't Constitutional I can't put my fingers on the paper but if I recall it was done by a NY Law professor
- Only 30% turned their gold in
- Had to have an IRS agent when a safe deposit box was opened
- We were using gold then in currency to some extent, and once FDR got the gold at 20.67 an ounce he declared it's value at 35 an ounce, and that made the dollar 70% weaker
- They didn't take silver or numismatic gold
Sure this is stuff everyone on the site knows. I would not be the least bit surprised if they:
- Know what is going on - Soro's I get the feeling knows a lot about this
- Are making some just in case preparations
- Wouldn't lose a winks sleep stealing our gold
- Aren't creative so doing what was done would fit the mold
I've read a lot about the confiscation: Some things that I recall off hand:
- Wasn't Constitutional I can't put my fingers on the paper but if I recall it was done by a NY Law professor
- Only 30% turned their gold in
- Had to have an IRS agent when a safe deposit box was opened
- We were using gold then in currency to some extent, and once FDR got the gold at 20.67 an ounce he declared it's value at 35 an ounce, and that made the dollar 70% weaker
- They didn't take silver or numismatic gold
Sure this is stuff everyone on the site knows. I would not be the least bit surprised if they:
- Know what is going on - Soro's I get the feeling knows a lot about this
- Are making some just in case preparations
- Wouldn't lose a winks sleep stealing our gold
- Aren't creative so doing what was done would fit the mold
All good reasons for me to git my heinie up to Albany on Monday and lay in a little more silver...
Viva -- Sager
"Show some !@#$%^ ADAPTABILITY!!" -- Sergeant Jack Shaftoe, USMC ("Cryptonomicon")
"It's all goin' *down*, man! Martha Stewart's polishing the brass on the Titanic!" -- Tyler Durden
"Have the courage to use your own understanding!' -- Immanuel Kant
"Dreams are the seedbed of the possible." -- William Greider
"One day you finally knew what you had to do, and began, though the voices around you kept shouting their bad advice." -- Mary Oliver
Can't your credible acquaintance give you more details? If so, please share them.
I think gold confiscation would be a difficult thing to do. Back in '33 gold was money and held by everyone - and I imagine giving it up was seen as a patriotic duty by many. Gold is now mostly owned by the wealthy and I don't think they will turn it over so easily.
Much simpler would be a big tax on gold sales. That's what I fear. And as someone else mentioned, raiding 401Ks - there's some easy money.
As long as criminals run our government, any theft is possible. The gold confiscation of 1933 was pure theft without reason. FDR had already closed the domestic gold redemption window - if no one could redeem gold, why was it needed?
We had already been stolen blind by that point in history anyways. If you look closely (sorry it's not bigger) at the 1928 $5 FRN note shown below, it states:
"REDEEMABLE IN GOLD ON DEMAND AT THE UNITED STATES TREASURY OR IN GOLD OR LAWFUL MONEY AT ANY FEDERAL RESERVE BANK"
So, if you took this note to a Federal reserve Bank, they could redeem it with another FRN. If you took it to the U.S. Treasury, you could redeem it in gold. This means that the U.S. was backing all money created and loaned out profitably by private banks on a fractional basis. The gold stock remained relatively constant while the money supply grew. Eventually, the U.S. had to default - it was inevitable. We were set-up to be robbed of our gold.
If you are wondering why the U.S. would back up money created profitably by private banks, congratulations, you understand. If the U.S. had the gold, why wouldn't the U.S. LEND money to the banks? And if the U.S. had the gold, why did we borrow money from banks instead of issuing it ourselves free from debt and without any interest charges?
Our debt based monetary system is the biggest Ponzi scheme in history. It is a an insult to our national intelligence that it remains in place today.
Larry
END the FED before it ENDS US
Can't your credible acquaintance give you more details? If so, please share them.
It has been almost twenty years since I had seen him last and he has been traveling overseas working with foreign militaries and doing business in Saudi among others. When I catch up with him again I'll see what substance he may have. I did check on the Fort Knox expansion but that could just be demographically driven. If the gov did confiscate, how would that affect holdings outside of the US?
Some corrections and clarifications:
1. Silver was also nationalized by FDR, not just gold. (Paper $ being given at the official rate in compensation.)
2. Fort Knox is being expanded due to the Base Realignment and Closure which is consolidating military bases around the country. Now, the more precise question is whether the gold repository is being expanded. But remember, there are other repositories of the nation's gold around the country.
In reflecting on the ease of securing our 401k's I'd think that would be the "confiscation". Then the gov't could buy gold for the vaults, strengthening the treasury as well as circulating the dollar abroad again. They would have to do it before our reserve currency status was revoked though, or they would have to redenominate into the new reserve currency. It would be a psychological boost internationally for the US to strengthen their gold reserves using 'greenbacks'. I would think. Make sense?
Yes. I can see the Obama speak: " This is America! Nobody can tell me that our retirees retirement accounts aren't SAFE! We are hereby investing all retirement accounts in US BONDS. Nothing is safer! We will back these bonds with gold! Be PROUD to be INVESTING in YOUR COUNTRY! YOUR HIGHER POWER BLESS AMERICA!"
Sorry, just saw the thread you all already have running with regards to this. Fort Knox is under an expansion but its not clear why. References cite the growing population in the area. Not sure if that includes the vault. It seems surreal we are even talking about a likelihood this could happen.