What Gold Nationalization Really MeansSubmitted by legalizeliberty on Thu, 07/25/2013 - 20:23
Gold owners are almost universally familiar with the story of Franklin Roosevelt criminalizing the ownership of gold back in 1933.
Executive Order 6102 was signed on April 5, 1933, and it forbade the “Hoarding of Gold Coin, Gold Bullion, and Gold Certificates within the continental United States.”
Roosevelt further ordered that citizens in the Land of the Free surrender their gold to the Federal Reserve in exchange for $20.67 per troy ounce in Federal Reserve notes.
The term gold ‘nationalization’ is often thrown around. But remember, with nationalization, it’s the state that takes control of an asset.
Executive Order 6012 took assets from private individuals, and then gave those assets to a private company – the Federal Reserve. This isn’t nationalization. It’s just theft.
You’d think that the entire nation would have been in an uproar. But surprisingly, this wasn’t the case.