FDR was Franklin Delano Roosevelt, the President of the U.S. His action, taken by Executive Order, started our nation down the path to Socialism. It opened the door to higher taxes, government-controlled retirement, Federal Reserve abuse of our economy, and government control of healthcare.
Until June 5, 1933, our currency was backed by Gold. The $20 Gold Certificate, for instance, bore this legend: “There have been deposited in the Treasury of the United States $20 in Gold coin, payable to the bearer on demand.” A $20 Gold coin weighed one ounce.
Any American who dared to defy his order to turn in their real money (Gold coins or Gold Certificates) in exchange for Federal Reserve Notes faced a fine of $10,000, ten years in prison, or both. (With inflation factored in, $10,000 then would be equivalent to a quarter million dollars today.) A Federal Reserve Note is simply an I.O.U. from the government – backed by nothing.
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Prior to 1933, America had experienced next to zero inflation or deflation, because the money was real. For 6,000 years of recorded history, Gold and Silver were the only Biblical money. And, according to the U.S. Constitution, these precious metals were the only legal U.S. money.
Here’s what has happened since FDR forced our nation off the Gold Standard. The U.S. Dollar has lost 96% to inflation caused by the lack of backing for our money. That means that it takes $25 today to buy what $1 bought in 1933.
So the $20 one ounce Gold coin your grandfather was forced to turn in for a $20 Federal Reserve Note is worth about $1,300 today. And the $20 Note he was given in exchange is worth eighty cents!
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NOTE: This article was originally published at www.ConservativeTruth.org
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