Law Blacks Law (6th ed.) "Bank Holiday of March 6, 1933" 2024-08-14

Why did private citizens and the banks surrender their gold in the first place? What would FDR have done if they didn't?

 

Why were people still going to vote for Biden even after his mental state was in the mainstream public.
Anyway, there was a lot of non compliance, probably north of 60 percent. I know a few families that kept their gold, not that they had a lot to begin with but they had it. I don't know what happened to grandma's 5 dollar indian head gold coins but my mom got the one that all the grand-aunts had that were 'necklaces'. And grandma had 8 sisters.
Yeah, some will comply because it's the law .. they'd also be the one pushing the buttons in the Milgram experiment.

 

An early example of the confiscatory nature of the FDR regime.
And the bank holiday was to stop people from running to the banks to pull out their money?

From what I understand, it was no longer allowed for individuals or banks to buy or sell gold bars or coins.
Maybe this still happened under the table at jewelers & pawn shops?

This greatly increased the value of the federal government's existing gold deposits,
allowing the ruling party to embark on a drunken sailor's spending spree.
Also drastically increased taxes on everyone, the lower brackets and upper brackets.
But FDR had a soothing voice on the radio, and he was "doing something" so that's what mattered?
Unemployment only went down with WW2 though:

Spoiler

(Trump is also trying to revalue the federal government's gold from $42/oz to the current market price of $3,400/oz,
which would add $800 billion to the treasury supposedly. So the government does not have that much gold to begin with!)

If I lived in the 1930s, I would have kept my gold hidden at home and then pulled it out in the 1970s when buying and selling gold became legal again, for a big profit!

 

That effing Roosevelt was lucky he didn't have a revolution on his hands. People like Smedley Butler already had things figured out by then. People were more trusting of government at the time, I suppose and believed Roosevelt was "doing something" (problem -reaction-solution). Had there been an actual revolution it probably would have been a communist one. But what actually happened - the Raw, I mean New Deal - was basically that anyway. We are still under the same state of emergency. Stalin and Trotsky were probably proud of FDR, and his cabinet was riddled with communists and jews. And court historians continue to demonize Hitler and the actions he took in Germany to pull his country out of the mess it was in courtesy of the same bunch that was screwing over the US? Germany was in real danger of a Bolshevik revolution in 1933, but that was delayed until after WW2 when the communists won that.