WND EXCLUSIVE
UH-OH! IS GOLD, SILVER
CONFISCATION NEXT?
New bill requires
registration of precious metals
Published: 5 hours ago
Video report:
http://www.wnd.com/2013/04/uh-oh-is-gold-silver-confiscation-next/#ooid=BhcWdxYTplXmLmWB0bioBEH2U87FaC-y
Lawmakers in
President Obama’s home state want to know who is buying and selling gold.
Illinois’
Precious Metal Purchasing Act, or SB-3341, would require every gold and silver
transaction to be registered with the state.
The bill
passed in the state’s Senate last spring and the House is considering
amendments.
Amendment 1 reads:
“Authorizes inspection of records by local police departments. Requires reports
to law enforcement on a daily basis. Exempts persons licensed under the
Pawnbroker Regulation Act.”
The bill is apparently
intended to help police recover stolen property and help raise revenue for the
state. But the federal government’s history of
confiscating gold has some concerned this bill could be an ominous sign of
things to come.
Eighty years ago today,
President Franklin Roosevelt ordered the confiscation of most gold from private
citizens with his Executive Order 6102. People were directed to turn in their
gold in exchange for paper currency.
The ban on owning gold lasted
more than 40 years, until President Gerald Ford signed legislation in 1974,
making it legal to own gold again.
However, in 1971, President
Richard Nixon had taken the U.S. off the gold standard, ostensibly to keep
countries from trading their surplus for gold. Nixon decreed that the U.S.
would no longer exchange dollars for gold.
Nixon also
announced the federal government would no longer redeem currency with silver.
As WND
CEO Joseph Farah
wrote, “That was the last vestige of a dollar tied to a hard
metals standard in America.”
Why the government
infatuation with precious metals, particularly gold?
Critics say
separating currency from something of real value, such as gold, is another form
of wealth confiscation because the Federal Reserve Bank can merely pump as many
dollars as it wants into the system, causing money to lose value through
inflation.
WND has reported that even
former Federal Reserve Chairman Alan Greenspan felt that way.
In his 1967 book “Gold and
Economic Freedom,” Greenspan wrote, “In the absence of
the gold standard, there is no way to protect savings from confiscation through
inflation. There is no safe store of value … The financial policy of the
welfare state requires that there be no way for the owners of wealth to protect
themselves. This is the shabby secret of the welfare statists’ tirades against
gold. Deficit spending is simply a scheme for the confiscation of wealth.”
WND reported that President Herbert Hoover felt similarly.
Hoover said [unbacked] paper currency helps politicians by making it possible
for government to take “the savings of the people by manipulation of inflation
and deflation. We have gold,” Hoover said, “because we
cannot trust government.”
More recently, U.S. Rep. Ron Paul, R-Texas, has advocated abolishing the
Fed’s system of fiat currency (money that derives its value from government
regulation) to return to dollars backed by gold.
In 2009, WND quoted Paul as
saying, “Throughout its nearly 100-year history, the
Federal Reserve has presided over the near-complete destruction of the United
States dollar.”
He added, “Since 1913 the dollar has lost over 95 percent of its
purchasing power, aided and abetted by the Federal Reserve’s loose monetary
policy.”
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