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JP Cortez: Fixing FDR's blunder: from gold standard to fiat folly and back
By JP Cortez
Real Clear History, Washington, D.C.
Wednesday, March 20, 2024
States across the country are beginning to embrace pro-sound money legislation, inviting a critical examination of how America abandoned the gold standard of money and racked up $34.5 trillion in debt.
To understand how we got here, it's important to understand the policy that initiated our monetary decline.
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Ninety-one years ago, on April 5, 1933, President Franklin D. Roosevelt issued Executive Order 6102, forever reshaping America's monetary system.
This controversial order marked a pivotal moment in the nation's financial history. EO 6102 banned private ownership of gold coins, bullion, and gold certificates with the penalty for noncompliance being up to 10 years in prison, a fine of $10,000, or both.
This draconian edict also signaled the effective end of the gold standard.
America did not always have unbacked, paper money. In fact, America's founders spilled a lot of ink warning against the risks and ravages of fiat currencies. ...
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