On April 5, 1933, under the pretext of a national emergency, President Franklin D. Roosevelt issued Executive Order 6102, making it illegal for U.S. UU. The government shamelessly stole wealth from the American people.
The government could confiscate gold again if it becomes desperate enough. I don't think those fears are unfounded. The Government's appalling financial situation is only worsening. But would he ever do a 1933-style shot again? I don't think he will.
However, there is another growing threat to your gold. Today, only a small fraction of the U.S. Hell, I bet most Americans have never seen a gold coin, let alone appreciate its value. This was not the case in 1933, when the U.S.
I was still on a variant of the gold standard. That's why the government probably won't repeat the 1933 scam. It's just not worth the effort. That doesn't mean that gold owners are safe.
In 1980, Congress passed the Crude Oil Extraordinary Profit Tax Act, which taxed up to 70% of the “windfall” of domestic oil producers. What the hell is a windfall anyway? As far as I can tell, it's what politicians decide it is. There are no objective measures to define it. In short, an unexpected gain is simply a gain that politicians don't like.
The whole concept is a scam, a word trick to camouflage and disinfect legalized theft. If the price of gold explodes, I wouldn't be surprised if Congress passed a Fair Share Gold Surprised Profit Tax Act that would impose an 80%, 90% or more tax on gold profits. Fortunately, there are some practical steps you can take to protect yourself from this form of politically motivated expropriation. One way to avoid a windfall tax on gold is to give up your US, S.
It's just not realistic for most people. Fortunately, there is a much more practical option. You can do it from your living room. And you don't have to hand over your passport.
The solution is to own gold shares in a Roth IRA account. A Roth IRA is a tax-free zone. You finance it with after-tax savings, and any capital gains or future income from investments in your Roth IRA are not taxable. While you can never be 100% sure what the United States,.
The government will, a future tax increase, even a windfall tax, is much less likely to affect investments in a Roth IRA. A Roth IRA is the most practical way to protect yourself from the most likely form of gold confiscation in the future, a windfall tax. Makes you a difficult target. But there is more to do to ensure that your wealth is not lost in the next financial tsunami.
How will you protect your savings in the event of a currency crisis? Precious metals and real estate will become the last safe investments for wealth retention, but they are only truly safe if they are outside an endangered jurisdiction. Gold and silver have served as money for centuries and in many different civilizations. They have always been inherently international assets. If you have precious metals in your portfolio, you are very likely to be afraid of hyperinflation and the fall of fiat currencies.
There is another risk you should be aware of. The latest version of Bread and Circus is coming to its inevitable end. The top 10 benefits of having an offshore bank account. Free yourself from the absolute dependence of any country.
Ron Paul says to look at the petrodollar. In addition to stocks, it seems that almost every asset class is also falling. Although many don't realize it, interest rates are simply the price of money. There are always people who understand work ethics and responsibility.
There are also always some who do not want to work or take responsibility for themselves. The United States has used the doctrine of preventing European and Asian powers from forming any kind of economic and political power that could test US hegemony. As a bonus, you will receive our popular read, Doug Casey's International Man Communiqué. Executive Order 6102 was a presidential order signed by Franklin Roosevelt banning the grabbing of gold coins, gold bars or gold certificates.
The reasoning behind the order was to try to combat depression. Times had been difficult and gold grabbing only caused economic growth to stagnate further. In addition, the order was designed to help the Federal Reserve increase the supply of money during the depression, because the Federal Reserve Act required the Federal Reserve to have 40 percent gold backing on banknotes issued. The government's gold reserves and consider that the declared gold reserves in Fort Knox and elsewhere do not actually exist or are significantly smaller than reported.
In other words, the Treasury reached the price of gold by selling government securities on financial markets to keep the gold pile high, but they would not be converted into currency in the Treasury. This means that even if the United States Government still had all the gold coins it had minted, that amount could only cover about a third of the Gold Bonds of the Fourth Liberty Loan that were outstanding in 1933.I hereby proclaim that such holdings of gold and silver are prohibited, and that all such gold and silver coins, bullion or other possessions be submitted within fourteen days to government agents. And in 1966, to stop the fall of the pound, the UK government banned citizens from owning more than four gold or silver coins and blocked private imports of gold. The Uebersee Finanz-Corporation entrusted the gold to a US company for safekeeping, and the Swiss were surprised to discover that their gold had been confiscated.
A new set of Treasury regulations was issued providing for civil penalties of confiscation of all gold and imposition of fines equal to twice the value of seized gold. . .