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[Dec. 12th, 2007|03:25 pm] |
In November 1932, F.D. Roosevelt was elected US President on the back of his plan for
a “New Deal”. Concerned that the high cost of Roosevelt’s New Deal programmes would
lead to big deficits and undermine the value of the US dollar, US citizens began moving
their assets into gold and even move some of that gold out of the country. In April 1933,
during the Great Depression, Roosevelt declared a Bank Holiday and confiscated gold
from US citizens under the Emergency Banking Relief Act by issuing Presidential
Executive Order 6102. This was his first “official” act on becoming President. The
President stated:
“I as President, do declare that the national emergency still exists; That the
continued private hoarding of gold and silver by subjects of the United States
poses a grave threat to the peace, equal justice, and well-being of the United
States; and that appropriate measures must be taken immediately to protect the
interests of our people.
Therefore, pursuant to the above authority, I herby proclaim that such gold and
silver holdings are prohibited, and that all such coin, bullion or other possessions
of gold and silver be tendered within fourteen days to agents of the Government
of the United States for compensation at the official price, in the legal tender of
the Government”.
When the legislation was introduced, the House Majority Leader Joseph W Burns
requested that debate be limited to 40 minutes. Although most Representatives had no
prior knowledge of it, the Emergency Banking Act was passed in less than one day. One
Congressman stated for the record that the House had approved a bill “that Members
never read and never saw, a bill whose author is unknown.”
Speech by Congressman, Louis T McFadden, of Pennsylvania on the floor of the House
of Representatives in 1934:
“By his action in closing the banks of the United States, Roosevelt seized the gold
value of 40 billions or more of bank deposits in the United States banks. Those
deposits were deposits of gold values. By his action he has rendered them
payable to the depositors in paper only... It is the money of slaves, not of free
men. Mr. Chairman, the gold in the banks of this country belongs to the American
people who have paper money contracts for it in the form of national currency. If
the Fed cannot keep their contracts with United States citizens to redeem their
paper money in gold, or lawful money, then the Fed must be taken over by the
United States Government and their officers must be put on trial… Now comes
Roosevelt who seeks to render the money of the United States worthless
by unlawfully declaring that it may no longer be converted into gold at the will of
the holder.”
After Roosevelt had confiscated the gold, he proceeded to devalue the US dollar from
US$20.67/oz to US$35.00/oz, realizing the fears that had led to American citizens
hoarding gold in the first place. Unfortunately, they had been prevented from profiting
from their foresight.
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[Dec. 12th, 2007|03:29 pm] |
In January 1961, President Eisenhower extended a ban on US citizens owning gold not
just in the US but anywhere in the world. Early in the same year, the Federal Reserve, the
Bank of England and seven other European central banks created the London Gold
Pool. Pooling their gold reserves, these central banks sold gold in a doomed effort to
maintain the US$/gold peg at US$35 per oz of gold and save the Bretton Woods (quasigold
standard) system.
The devaluation of Sterling in 1967, the withdrawal from the Pool by France in the same
year and the escalation of the Vietnam War in 1968 combined to overwhelm the London
Gold Pool. The role of France in its breakdown is particularly interesting. The French
leader, General de Gaulle, had opposed Bretton Woods since it established the dollar as
the world’s reserve currency. In 1965 he outlined his views on gold and reserve
currencies in a celebrated speech:
“We hold as necessary that international exchange be established… on an
indisputable monetary base that does not carry the mark of any particular country.
What base? In truth, one does not see how in this respect it can have any
criterion, any standard, other than gold. Yes, gold, which does not change in
nature, which is made indifferently into bars, ingots and coins, which does not
have any nationality, which is held eternally and universally…”
On Friday, 8 March 1968, the London Gold Pool lost 100 tonnes of gold, compared with
5 tonnes on a normal day. Two days later, Federal Reserve Chairman, William
McChesney Martin, declared his intention to defend the dollar’s value “down to the last
ingot”. The US authorities airlifted several cargoes of gold to London, but on Wednesday
and Thursday of the following week, the Pool lost more than 400 tonnes of gold. On the
Thursday night, the Queen declared a Bank Holiday for the following day and Chancellor
of the Exchequer, Roy Jenkins, closed the London gold market “on the request of the
United States”.
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[Dec. 12th, 2007|09:54 pm] |
Mad Money host Jim Cramer reacts to the Fed's rate cut with CNBC's Erin Burnett
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