Executive Order 6102
The Executive Order 6102 , which on 5 April 1933 by US President Franklin D. Roosevelt signed, the accumulation ( "hoarding") prohibition of gold coins, gold bars and gold certificates over $ 100 in the continental United States , that is hired partial gold ban .
The order is related to the Trading with the Enemy Act of 1917, which was amended by the Emergency Banking Act the previous month . The US gold ownership restriction was lifted after President Gerald Ford introduced a bill to legalize private ownership of gold coins, bars and certificates in Congress (Executive Order 11825), which came into effect on December 31, 1974.
Reason
The reason given for the law was that difficult economic times had caused gold to accumulate ("hoard"), but this allegedly hampered economic growth and exacerbated economic depression because the US currency was gold-backed and gold-standard . The central banks had to ensure that the currency could be exchanged for gold at a fixed rate.
The Federal Reserve Act of 1913 required 40 percent gold coverage for the currency.
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The printing of money was therefore dependent on the amount of gold available in the central banks. Violations of the gold ban could result in imprisonment of up to ten years or a fine of up to US $ 10,000.
Individual evidence
- ↑ Finances100: When President Roosevelt forbade gold ownership. Retrieved June 27, 2020 .
- ↑ OPS Netzwerk GmbH: The Evil and the Unneeded. Retrieved June 27, 2020 .
- ↑ Finances100: When President Roosevelt forbade gold ownership. Retrieved June 27, 2020 .
- ↑ Jens Klose, Benjamin Weigert: The accounting system of the Federal Reserve and its transferability to the euro area . In: Economic Service . tape 2012 , no. 4 , 2012, p. 243–250 ( wirtschaftsdienst.eu [accessed June 27, 2020]).
- ↑ Frank Doll: Pitfalls: Protection against the gold ban and gold tax. Retrieved June 27, 2020 .