Category: History and Economics
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The Great Confiscation: Gold ownership was illegal in the USA from 1933 to 1975.
Only gold coins kept in safety deposit boxes were actually seized; no other coins were taken. While it was illegal to use gold bullion as currency, simply owning gold coins was not against the law. Thus, the notion of a widespread “confiscation” of gold coins is largely exaggerated. Have you heard of Roosevelt’s Emergency Banking…
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1971. France sends warship to New York to bring back france’s Gold to Paris.
In a bold move reminiscent of gunboat diplomacy, French President Pompidou ordered a warship to slip into New York City’s harbor in August 1971. Its mission? To retrieve France’s gold reserves stored in the vaults of the New York Federal Reserve Bank and transport them back to Paris. This maneuver wasn’t just about safeguarding assets;…
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☆ The 1970’s Gold Boom.
You may be surprised to learn that the leading investment across the 1970s was not stocks, bonds, real estate, or traditional investments– it was gold that soared 2,300%. Driven by a War with Iran, record high oil prices, and roaring inflation, gold soared from $35 to top $850 an ounce in January 1980. Ah, the 1970s…
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What is Inflation?
This rise in price alone does not entirely define inflation. To quantify inflation, there must also be a decrease in the value of currency. In other words, money does not buy as many goods and services as it used to; generally defined as an erosion of purchasing power. 2.4% inflation rate October 2024. Track all…