Wednesday, August 13, 2008

The Great Gold Robbery of 1933 (Tom Woods)

Tom Woods on the theft "authorized" by the Emergency Banking Act of 1933 (an interesting side note made in the article is that members of Congress didn't even read the bill; does that sound familiar?)

It's been 75 years since the federal government, on the spurious grounds of fighting the Great Depression, ordered the confiscation of all monetary gold from Americans, permitting trivial amounts for ornamental or industrial use. This happens to be one of the episodes Kevin Gutzman and I describe in detail in our new book, Who Killed the Constitution? The Fate of American Liberty from World War I to George W. Bush. From the point of view of the typical American classroom, on the other hand, the incident may as well not have occurred.

A key piece of legislation in this story is the Emergency Banking Act of 1933, which Congress passed on March 9 without having read it and after only the most trivial debate.

Read the rest

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