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Should Biden order gold confiscated like FDR did?

Should Biden order gold confiscated like FDR did?

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You didn't answer the first part, who owns the money and as for the second part, silver and gold is silver and gold not money. Can you pay for gasoline with a gold necklace?

How working class of you to post that. The government can reduce debt by increasing inflation in many ways, including increasing the debt, massively "printing" more money etc. FDR seized gold specifically to deliberately cause inflation.

Gold and silver are hedges against inflation - that is the purpose of having it. If the value of money drops 50% by inflation, the value of gold and silver will probably increase by 75%. Among people with money, the less they trust the value of the dollar the more money that want to shift to gold, silver and platinum as a hedge against inflation.

But obviously you and most other progressive worker class Democrats on this thread don't understand the concept of inflation to begin with by your messages.
 
What purpose would Biden doing this serve?

Flush out money and to facilitate large scale inflation to reduce the national debt exactly like FDR did.
 
Flush out money and to facilitate large scale inflation to reduce the national debt exactly like FDR did.
Some of the best ways to get money flowing again and improve the economy are to hire people who have nothing or little and pay them and/or just give them money.

The stimulus checks were an attempt, but they weren't sufficient.

More long term, we have to rebuild and expand the middle class, because the larger the middle class, the stronger the economy.

So we spend money to pull people up out of poverty and bring them into the middle class.

A key part of that would be something like the GI bill after WWII, because the more educated your population is, the stronger it is.
Also, middle class jobs often require more education, especially these days.

Apparently something Biden is considering is forgiving $50,000 of student loan debt for each person who has any.

That won't help me much now if it occurs, since I've mostly paid my student loan debt off, but I know for sure that if something like that had occurred 5 or 10 years ago I might be considering purchasing a house at this point.
 
How working class of you to post that. The government can reduce debt by increasing inflation in many ways, including increasing the debt, massively "printing" more money etc. FDR seized gold specifically to deliberately cause inflation.

Gold and silver are hedges against inflation - that is the purpose of having it. If the value of money drops 50% by inflation, the value of gold and silver will probably increase by 75%. Among people with money, the less they trust the value of the dollar the more money that want to shift to gold, silver and platinum as a hedge against inflation.

But obviously you and most other progressive worker class Democrats on this thread don't understand the concept of inflation to begin with by your messages.


Gold is not a hedge against inflation so much as it's an index of fear and economic pessimism, and the correlation you just espoused (a 75% uptick in value on 50% inflation) is completely unsupported nonsense.
 
Some of the best ways to get money flowing again and improve the economy are to hire people who have nothing or little and pay them and/or just give them money.

The stimulus checks were an attempt, but they weren't sufficient.

More long term, we have to rebuild and expand the middle class, because the larger the middle class, the stronger the economy.

So we spend money to pull people up out of poverty and bring them into the middle class.

A key part of that would be something like the GI bill after WWII, because the more educated your population is, the stronger it is.
Also, middle class jobs often require more education, especially these days.

Apparently something Biden is considering is forgiving $50,000 of student loan debt for each person who has any.

That won't help me much now if it occurs, since I've mostly paid my student loan debt off, but I know for sure that if something like that had occurred 5 or 10 years ago I might be considering purchasing a house at this point.

The BIG LIE is that the government has any money to give away. It does not. So what you are REALLY saying is you are claiming it would be good for the economy for the government to steal $100,000 from me, keep half of it for themselves, and given the other half of MY $50,000 to other people - because other people having half of money from me is good for the economy - and MY having all of my money is bad for the economy.

I do understand you want ME to buy a house for you so you get the house rather than some people who WORKED for THEIR money - rather than you who wants the government to steal the money from working people for you.

Your message explains why Democratic prosecutors will not prosecutor looters. The Democratic Party loves thieves because the core of all Democratic domestic policy has the government itself as the thieves.
 

Gold is not a hedge against inflation so much as it's an index of fear and economic pessimism, and the correlation you just espoused (a 75% uptick in value on 50% inflation) is completely unsupported nonsense.

Dumb message as it is fear of inflation. However there also are other reasons such as being more difficult for the government to seize that money in bank accounts, mutual funds, etc.
 
The BIG LIE is that the government has any money to give away. It does not. So what you are REALLY saying is you are claiming it would be good for the economy for the government to steal $100,000 from me, keep half of it for themselves, and given the other half of MY $50,000 to other people - because other people having half of money from me is good for the economy - and MY having all of my money is bad for the economy.

I do understand you want ME to buy a house for you so you get the house rather than some people who WORKED for THEIR money - rather than you who wants the government to steal the money from working people for you.

Your message explains why Democratic prosecutors will not prosecutor looters. The Democratic Party loves thieves because the core of all Democratic domestic policy has the government itself as the thieves.
I don't want anyone to steal anything.
Taxation is not theft, if only because the elected officials we chose legislated it into existence.

I certainly don't want you to pay for me to buy a house, that was an example I was using to show how student loan debt prevents millions of people from participating in the economy more, because a significant chunk of their income goes to paying the interest on those loans and hopefully some of the loan principle.

I know from experience how having that on your books prevents you from consuming as much, and consumption is what makes our economy run.
 
You didn't answer the first part, who owns the money and as for the second part, silver and gold is silver and gold not money. Can you pay for gasoline with a gold necklace?
I'll gladly take gold in lieu of paper currency at $42.22/oz, but there's not enough gold in the world to return to a gold backed U.S. dollar.
 
Dumb message as it is fear of inflation. However there also are other reasons such as being more difficult for the government to seize that money in bank accounts, mutual funds, etc.

No, it's fear in general: whether that's fear of inflation, fear of stock price collapses and other asset markets collapsing.

And no, gold isn't bought and held because it's more difficult for the govt to seize; if you're buying physical gold in any significant amount, you're paying a place to store it, or you're otherwise storing it in a conspicuous property; guess what the govt can easily do in order to take it from you?

And if you're buying paper gold, the govt can seize and freeze those assets about as easily as cash in an account.
 
No, it's fear in general: whether that's fear of inflation, fear of stock price collapses and other asset markets collapsing.

And no, gold isn't bought and held because it's more difficult for the government to seize; if you're buying physical gold in any significant amount, you're paying a place to store it, or you're otherwise storing it in a conspicuous property; guess what the govt can easily do in order to take it from you?

And if you're buying paper gold, the govt can seize and freeze those assets about as easily as cash in an account.

It is not easier for the government to seize. The government CAN summariily grab bank accounts. SURPRISE! ALL YOUR MONEY IS GONE! Now it's up to you to figure what to do about it and concern the government will seize any other money in your account after this. How do you literally buy gas or dinner? To grab even a safe deposit box requires a court order or search warrant.

It is not all that rare that money - whether physical currency or in a bank account - rapidly becomes absolutely worthless or next to it. The German dollar in the early 1930s. The value of Iraqi money after the 2nd war. I had $10,000 in Iraqi currency ONLY because it was a favor to a friend. I think it cost $100. He was certain the value of Iraqi currency would return - when in fact the value of that currency became zero. What about the inflation in Venezuela?

Precise metals in those same countries kept their value because the value is a world value, not a national value. That is the primary security of gold and silver - no matter what you're not broke.

I have some of both and our company uses silver for processing - about 20 pounds a year. I also have gobs of coins. Hundreds of pounds. Non-silver. Mostly non-silver Eisenhower silver dollars. They are not silver, but in stores they would be worth a dollar and they sell for $1.35 each. While we're extremely well set for life - UNLESS there is RADICAL inflation - but for a while in my life I was homeless, infant to care of and outright broke. I had to count out coins to buy food (no fast foods) and sometimes only had coins. Coins kept us alive. So even though we are completely debt free, have gobs and gobs of stuff - more than we use, and home and lots of land paid for - those coins, even the non-silver coins - give me a sense of security. Almost impossible for someone to steal. Can't spend it all easily at one place.

It makes no sense, but then again it does. There is a HUGE difference between having almost no money and not having a penny.
 
It is not easier for the government to seize. The government CAN summariily grab bank accounts. SURPRISE! ALL YOUR MONEY IS GONE! Now it's up to you to figure what to do about it and concern the government will seize any other money in your account after this. How do you literally buy gas or dinner? To grab even a safe deposit box requires a court order or search warrant.

It is not all that rare that money - whether physical currency or in a bank account - rapidly becomes absolutely worthless or next to it. The German dollar in the early 1930s. The value of Iraqi money after the 2nd war. I had $10,000 in Iraqi currency ONLY because it was a favor to a friend. I think it cost $100. He was certain the value of Iraqi currency would return - when in fact the value of that currency became zero. What about the inflation in Venezuela?

Precise metals in those same countries kept their value because the value is a world value, not a national value. That is the primary security of gold and silver - no matter what you're not broke.

I have some of both and our company uses silver for processing - about 20 pounds a year. I also have gobs of coins. Hundreds of pounds. Non-silver. Mostly non-silver Eisenhower silver dollars. They are not silver, but in stores they would be worth a dollar and they sell for $1.35 each. While we're extremely well set for life - UNLESS there is RADICAL inflation - but for a while in my life I was homeless, infant to care of and outright broke. I had to count out coins to buy food (no fast foods) and sometimes only had coins. Coins kept us alive. So even though we are completely debt free, have gobs and gobs of stuff - more than we use, and home and lots of land paid for - those coins, even the non-silver coins - give me a sense of security. Almost impossible for someone to steal. Can't spend it all easily at one place.

It makes no sense, but then again it does. There is a HUGE difference between having almost no money and not having a penny.

It's not significantly more difficult for the govt to take your gold assuming you're in any kind of serious trouble, and the government is actually in a position where asset seizure is a thing; as a rule, govt seizure/safety from government isn't a leading consideration behind gold as an investment over other asset types. Sure, you can pocket some coins, but you're insane if you think that anyone (well the vast majority) who is sinking actual money into gold is doing so because they can mattress stuff a couple of doubloons/bars.

Second, yes, inflation is a thing and it can be quite extreme at times, but if we're talking about the United States, it's overall been very stable, and wages have generally kept pace (at least until recently due to the decline of unions and automation, outsourcing and globalization made them stagnant for the majority of the population in favour of the top 1%). In terms of assets that are proof against inflation though, gold hardly constitutes a monopoly, and in fact there are better long term investments tied to 'real value' such as real estate and stock, both of which have far more logical justification for their value than gold, which has no utilitarian value outside of niche electronics and materials, whose value is predicated on tradition, scarcity and primitive fetishism/psychology.
 
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How working class of you to post that. The government can reduce debt by increasing inflation in many ways, including increasing the debt, massively "printing" more money etc. FDR seized gold specifically to deliberately cause inflation.

Gold and silver are hedges against inflation - that is the purpose of having it. If the value of money drops 50% by inflation, the value of gold and silver will probably increase by 75%. Among people with money, the less they trust the value of the dollar the more money that want to shift to gold, silver and platinum as a hedge against inflation.

But obviously you and most other progressive worker class Democrats on this thread don't understand the concept of inflation to begin with by your messages.
You still haven't answered the question when money is printed who owns it? And, you still can't spend gold or silver. Yesterday I was in cahoots with the evil corporations and today I'm just a working class person. What will I be tomorrow? I'll tell you, retired, just like I am today and was yesterday.
 
I'll gladly take gold in lieu of paper currency at $42.22/oz, but there's not enough gold in the world to return to a gold backed U.S. dollar.
You cannot eat gold, can't spend gold, the only thing you can do is turn gold into paper money.
 
I don't think Biden will be nearly as authoritarian as FDR was.
 
First, “confiscation” implies seizure without compensation. While E.O. 6102 required much of the gold held by Americans to be surrendered to the government, it also provided for owners to be compensated. One might argue the price paid by the government was too low. Owners were paid $20.67 per troy ounce. Immediately following the surrender period, the Gold Reserve Act of 1934 raised the price of gold to $35.00 per ounce effectively declaring an immediate government profit of $14.33 for each ounce of gold collected.

The purpose was 2 fold. First, to allow the government to print endlessly more money with nothing backing it up and to deliberately cause inflation as inflation reduced debt and erases a large amount of the wealth of the rich - since poor people don't have money to lose value. Inflation also makes labor costs much cheaper at the same time. Thus, for example, if Biden can raise the minimum wage to$15 while over the same time frame there is 50% inflation, actually the real dollar-value of a $15 minimum wage is $7.50.

I'm sure you've all heard the constant ads urging buying gold and silver as hedges against inflation. It also is a way to hide monetary wealth and move wealth with the government knowing. (It is not like money in the bank the government tracks every penny of and can seize at any time).

Should Biden order gold (and silver?) confiscated and outlawed?
You have described quite well, why the rich insist on ZERO INFLATION policies, that screw the working class. Raising the prime rate, has the INTENDED effect, of throwing folks out of a job, or not be hired. All so that the rich dont lose wealth, by inflation. Noone asks the small man what is fair. Only ask the rich.
 
You cannot eat gold, can't spend gold, the only thing you can do is turn gold into paper money.
You are SOOOOOOOOO wrong.


How to Cook with Gold Leaf
  • Chocolate, Earl Grey, and Raspberry Macarons
  • 24-Karat Saffron Poached Pears
  • Gilded Chocolate Truffles
  • Chocolate Truffle Tart
  • Gold Leaf Marshmallows
  • Saffron Risotto with Gold Leaf
  • Champagne Jello Shots
  • The Golden Ladder
How to Cook with Gold Leaf - Chowhound
www.chowhound.com/food-news/194092/how-to-cook-with-gold-leaf/

www.chowhound.com/food-news/194092/how-to-cook-with-gold-leaf/
 
You are SOOOOOOOOO wrong.


How to Cook with Gold Leaf
  • Chocolate, Earl Grey, and Raspberry Macarons
  • 24-Karat Saffron Poached Pears
  • Gilded Chocolate Truffles
  • Chocolate Truffle Tart
  • Gold Leaf Marshmallows
  • Saffron Risotto with Gold Leaf
  • Champagne Jello Shots
  • The Golden Ladder
How to Cook with Gold Leaf - Chowhound
View attachment 67305350
www.chowhound.com/food-news/194092/how-to-cook-with-gold-leaf/
I knew when I wrote that somebody would mention edible gold. Try living on eating those things, hope you have a ton of gold.
 
You cannot eat gold, can't spend gold, the only thing you can do is turn gold into paper money.
There's nothing stopping you from spending gold, (exchanging gold for something else).
My offer stands.
 
I knew when I wrote that somebody would mention edible gold. Try living on eating those things, hope you have a ton of gold.
Anyone who is hungry and has no fiat currency, only gold, is welcome to exchange gold for food at my house or probably at any one of my neighbors as well.
 
Joko104:

Nixon took the USA off the Gold Standard so he could have the Federal Reserve print up unlimited fiat money, not FDR. FDR and the Fed of the day were still limited by the Gold Standard even though the price hike allowed them to print more money to deal with the Deptession and the shameful antics of the big banks trying to strangle the American economy by creating a lending crisis to block FDR's reforms. Remember, these bankers were the same bunch of thugs who backed the Business Plot to remove FDR from the Executive decision-making process. Read The Wizard of Oz for background information! (Just joking about Oz).

Cheers and be well.
Evilroddy.

The inflating of gold "gambit" certainly seems, in hndsight, better than doing nothing, but there is no way to know if it was effective in turning
the deflation trend around. Stock prices, as usual, recovered more rapidly than underlying findamentals.

By 1935, FDR was concerned about an economy with a stalled recovery that was hinting at renewed decline.:

Executive Order 6102 is an executive order signed on April 5, 1933,
1930-1939.jpg


The problem the FDR administration was attempting to address was a deflationary depression, the valuation of almost everything, including wages, (death) spiraling downward on the momentum of lack of demand. IOW, the downward spiral fed on itself, resulting in federal reserve issued money increasing more and more as to what it could buy, except gold, which suddenly cost nearly twice as many dollars, despite a lack of U.S. public demand because the public was prohibited from owning much.

The policy was an attempt to inflate the value of whatever the FDR government could possibly inflate, certainly not petroleum, other industrial commodities, or finished goods such as automobiles, because of the shrinking demand.
Roosevelt's gold confiscation: could it happen again?
www.telegraph.co.uk › personalfinance › investing › R...

3 Apr 2013 — FDR was acting on the advice of an economist, George Warren, who believed that the best way to solve a deflationary depression was to inject some inflation and push prices higher. ... By confiscating gold and changing its price, Roosevelt aimed to raise prices in the economy even though there was no additional gold.

Dow-Jones-History-1920-to-1940-r43.jpg
 
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An excellent post by "post". Very informative with good sources. Thank you, sir or madame.

Cheers and be well.
Evilroddy.
 
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