Guest Post by Nick Giambruno via International Man
On April 5, 1933, under the pretext of a national emergency, President Franklin D. Roosevelt issued Executive Order 6102, making it illegal for U.S. citizens to own gold.
The decree forced Americans to sell their gold at an artificially low “official price.” If they refused, the government could hit them with stiff penalties: a $10,000 fine (equivalent to $205,000 today) and/or up to 10 years in prison.
The government blatantly stole wealth from the American people.
Many worry the U.S. government might confiscate gold again if it becomes desperate enough. I don’t think those fears are unfounded. The U.S. government’s abysmal financial situation is only getting worse.
But would it really do a 1933-style grab again?
I don’t think it will. However, there is another growing threat to your gold.
More Likely Than Outright Confiscation
Today, only a tiny fraction of the U.S. population owns gold. Heck, I’d bet most Americans have never even seen a gold coin, much less appreciate its value.
This wasn’t the case in 1933, when the U.S. was still on a variation of the gold standard. That’s why the government probably won’t repeat the 1933 rip-off. It’s simply not worth the effort.
If the government wants to confiscate wealth, it’s far more likely to go for the easy option… steadily debasing the currency by printing money. It’s a stealthy way to confiscate from savers.
That doesn’t mean gold owners are in the clear.
I think the government will try a new scam: taxing windfall profits on gold. This would make it much easier for the government to accomplish something similar to its 1933 heist.
There’s precedence for it, too. In 1980, Congress passed the Crude Oil Windfall Profit Tax Act, which taxed up to 70% of “windfall profits” of domestic oil producers.
What the heck is a windfall profit anyway?
As far as I can tell, it’s whatever politicians decide it is. It’s completely arbitrary. There are no objective measures to define it.
In short, a windfall profit is simply a profit politicians don’t like. The whole concept is a scam—a word trick to camouflage and sanitize legalized theft.
If the price of gold explodes, I wouldn’t be surprised if Congress passes a Fair Share Gold Windfall Profit Tax Act levying a tax of 80%, 90%, or more on gold profits.
Fortunately, there are some practical steps you can take to protect yourself from this form of politically motivated expropriation.
One way you can avoid a windfall-profits tax on gold is to renounce your U.S. citizenship. But that’s a drastic step. It’s just not realistic for most people.
Thankfully, there’s a far more practical option. You can do it from your living room. And you don’t have to turn in your passport.
The solution is to own gold stocks in a Roth IRA.
A Roth IRA is a tax-free zone. You fund it with after-tax savings, and any future capital gains or income derived from investments in your Roth IRA are not taxable.
While you can never be 100% sure what the U.S. government will do, it’s far less likely a future tax increase, even a windfall-profits tax, would affect investments in a Roth IRA.
A Roth IRA is the most practical way to protect yourself from the most likely form of future gold confiscation—a windfall-profits tax. It makes you a hard target.
Editor’s Note: Most people have no idea what really happens when a currency collapses, let alone how to prepare…
Owning gold is essential.
But there’s more to do to make sure your wealth doesn’t get wiped out in the coming financial tidal wave.
How will you protect your savings in the event of a currency crisis?
This video we just released will show you exactly how. Click here to watch it now.
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Another outright ban and confiscation of gold/silver the way the commie prick FDR did it is unlikely.
Not impossible but unlikely…..unless the US dollar tanks SO BADLY that it becomes worthless. Then
such a grab would net the power mongers actual wealth instead of baseless green pieces of paper. So
if you own any REAL silver/gold your best bet is to NOT STORE IT in a bank or anywhere but where YOU
can defend it. And to NOT advertise to people that you DO own such metals. Because if the criminals
in power decide to steal PM’s again they WILL seek to enlist snitches. But silver and gold, along with
LEAD in the proper shape, will only be truly valuable after the economy totally collapses. Till then it’s
a hedge…a means of preserving some of your assets against the inevitable.
Dream on they will screw everyone in every way possible.
Not literally everyone. The 0.01% will make out like bandits .. because they are
Nope.
The devaluation, debasement, worthelessness of the US Dollar is the plan.
It won’t be replaced with gold, but with a brand new fiat — digital fiat.
There will never be a need for confiscation of gold. They don’t need the metal. If they really want, they can make gold worthless with the stroke of a pen; but really why bother? You won’t be able to spend the gold, just trade it in for the new digital fiat at whatever artificial price is set for it.
There may be (probably will be) a window of time when gold will be worth a ton IF traded in for either dollars or the new digital fiat (FedCoin or whatever they’ll call the next iteration).
I think so many people are so sick of the Feds and their bullshit, the next major usurpation will be the start of a war..
Think again. There will be no rebellions or uprisings. The revolution has been cancelled due to lack of interest.
Limited pushback will be quashed easily and nearly instantly, regardless of the subject.
The enforcers will be your neighbors, your employers, your co-workers, your friends, … your family.
Your “so many people” may be a large number; but it’s a tiny percentage. Don’t get lost in an echo chamber.
You are an “extremist”. In fact, a “domestic terrorist”. Just because other readers & commenters here at TBP (myself included) are also “extremists” and “domestic terrorists”, doesn’t change the situation.
I personally think that there are too many sheep to be a full war. Too many people have fallen for the government propaganda. More likely an IRA type resistance instead at some point.
And how do you protect yourself from an outright confiscation of private retirement account to be replaced by an annuity? The Dems have talked about this for years.
That is the more likely scenario…
If you can’t hold it it ain’t yours. A Roth IRA??? Talk about ease of debasement when they monkey hammer it again. They can also talk confiscation all they want. That small minority that own gold probably all lost it in boating accidents.
Miners in a Roth IRA is not a terrible bet (it might even work out OK), but only for a fraction of your investable resources. Congress can gut the Roth IRA in two shakes of a lamb’s tale. Faster than you can take steps to avoid it, at any rate.
Take your head out of your ass. They have already started discussions on digital currency and the elimination of all gold, silver, and copper coins. Look at the crazy things they are doing elsewhere and then try to tell people how safe thy are. They have people in jail for just attending the peaceful march at the Capitol. These fuckers are nuts!!!
People did not turn in their gold in 1933 …(BTW collectible gold coins were exempt because FDR was a collector)…But the government did seize all the gold in the banking system..But this windfall tax would be likely futile because people would not engage in reportable transactions…
Actually his campaign manager, who was named Postmaster General was the collector.
Not quite sure the US will have much, if anything, to say with regard to the gold of its citizens. However like drunken sailors the US government, and its infinitely enormous cabal of departments and agencies may be, the leaders of most other national powers in the world (read “enemies”) have made haste to ditch the bottle, sober up, and take advantage of the current staggering opportunity to sail full steam ahead in order to position themselves as the easy (EASY!) winners of the inevitable conflict to come. Not only will the USA have no place at the table in the NWO (except as being The Grand Prize for the winners to divvy up at their convenience), they will assuredly be in no position to tell the rest of the world “how it’s gonna be” with gold or any eventually-contrived international digital currency.
Perhaps the real question, ultimately, will not be what the US government tells its holders of PMs what they must and/or must not do, but what the new globalist government tells them.
Maybe I’m a doomsayer, but if the dollar dies and shrivels up like like a grape dried in the sun, the only place you will be able to buy what you want is on the black market. Gold and silver are always good on the black market.
Assuming there is anything to buy … ? I ask this in all earnestness, as the daughter of a woman who, having been born in Berlin in 1934, had become quite the little black marketeer in the years after the war, and all the more so once the Russians blocked all the roads, railroads, bridges, and canals into the city, in an effort to starve and freeze the inhabitants to death, so that the rest of the Allies would relent and let them have all of Berlin.
Even though the United States, who exhibited quite the backbone against the Soviets at that time, launched the massive and expensive effort which was called The Berlin Airlift, the people still nearly starved and froze. And yet, they were lucky, and they knew it.
Who will come to our aid when the crazed and enfeebled “leaders” of our country have been overthrown by our enemies?
it is easier for government to seize from a third party than from the owner, Have you ever seen a banker go to jail rather than give up records on a depositer ?
Yeah, because the government would never fuck with retirement savings. LMAO. Those who own gold today know exactly why they own it, and know that if its taken, they have nothing left to lose… and will respond accordingly.