Summary
TLDR: In 1933, FDR issued Executive Order 6102, making it illegal for anyone in the US to own gold, justifying it as a national emergency during the Great Depression. This marked a pivotal move away from the gold standard. FDR’s actions were legal due to the Trading with the Enemy Act, setting a precedent for future abuse of executive power during national emergencies. This history serves as a cautionary tale of government seizure of personal property and highlights the importance of Bitcoin self-custody as a safeguard against potential future government overreach.
Key Points
1. President Roosevelt issued Executive Order 6102 in 1933, making it illegal for anyone in the United States to own gold, leading to the greatest heist in American history.
2. EO 6102 marked a significant milestone in the history of money, as it contributed to the USA abandoning the gold standard for a fiat standard.
3. The use and abuse of national emergencies by American Presidents has led to the enactment of dozens of emergency declarations, giving the government almost unlimited power to encroach on civil liberties.