Executive order 6102: FDR's gold confiscation

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Subprime JD's picture
Subprime JD
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Executive order 6102: FDR's gold confiscation
Executive Order
6102

Forbidding the Hording of Gold Coin, Gold Bullion and Gold

  Certificates

By virtue of the authority vested in me by Section 5(b) of the Act of October 6, 1917, as amended by Section 2 of the Act of March 9, 1933, entitled "An Act to provide relief in the existing national emergency in banking, and for other purposes", in which amendatory Act Congress declared that a serious emergency exists, I, Franklin D. Roosevelt, President of the United States of America, do declare that said national emergency still continues to exist and pursuant to said section to do hereby prohibit the hording gold coin, gold bullion, and gold certificates within the continental United States by individuals, partnerships, associations and corporations and hereby prescribe the following regulations for carrying out the purposes of the order:

     Section 1. For the purpose of this regulation, the term "hording" means the withdrawal and withholding of gold coin, gold bullion, and gold certificates from the recognized and customary channels of trade. The term "person" means any individual, partnership, association or corporation.

     Section 2. All persons are hereby required to deliver on or before May 1, 1933, to a Federal Reserve bank or a branch or agency thereof or to any member bank of the Federal Reserve System all gold coin, gold bullion, and gold certificates now owned by them or coming into their ownership on or before April 28, 1933, except the following:

  1. Such amount of gold as may be required for legitimate and customary use in industry, profession or art within a reasonable time, including gold prior to refining and stocks of gold in reasonable amounts for the usual trade requirements of owners mining and refining such gold.
  2. Gold coin and gold certificates in an amount not exceeding in the aggregate $100.00 belonging to any one person; and gold coins having recognized special value to collectors of rare and unusual coins.
  3. Gold coin and bullion earmarked or held in trust for a recognized foreign government or foreign central bank or the Bank for International Settlements.
  4. Gold coin and bullion licensed for the other proper transactions (not involving hording) including gold coin and gold bullion imported for the reexport or held pending action on applications for export license.

        Section 9. Whoever willfully violates any provision of this Executive Order or these regulation or of any rule, regulation or license issued thereunder may be fined not more than $10,000, or, if a natural person may be imprisoned for not more than ten years or both; and any officer, director, or agent of any corporation who knowingly participates in any such violation may be punished by a like fine, imprisonment, or both.

This order and these regulations may be modified or revoked at any time.

Franklin D. Roosevelt

The Whitehouse
April 5, 1933

 

BMT: I purposely put subsection c in bold. I didnt even know that the BIS was in existence back then. So any gold that was earmarked for the BIS or a foreign central bank was exempt from the confiscation order. That gives alot of credence to the "theories" out there about the fed being controlled by international bankers.

DrKrbyLuv's picture
DrKrbyLuv
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Re: Executive order 6102: FDR's gold confiscation

Just to be clear, you mentioned  "By virtue of the authority vested in me by Section 5(b) of the Act of October 6, 1917, as amended by Section 2 of the Act of March 9, 1933Title I, Section 2. To give the President the ability to declare a national emergency and have absolute control over the national finances and foreign exchange of the United States in the event of such an emergency.

The crazy part is that the same 1933 Act prohibited the redemption of gold for domestic citizens but left open the redemption window for foreign held dollars.  If Americans could not redeem their gold, why was there any need to keep the international redemption window open?  And more importantly, if we no longer needed gold reserves for Americans, why did the government need to confiscate domestic gold bullion, coins and certificates?

It was theft pure and simple.  The gold lost by the United States and it's citizens would be valued at over $1 trillion dollars today.  Instead, we received debt for the same amount, a $2 trillion dollar difference: the gold was monetized (stolen) in our 1933 default under the criminal Roosevelt administration.  Roosevelt also pushed us into WW2 in a treasonous act that invited and left open Japan's attack on Pearl Harbor.  Check you history closer if you think the attack was a surprise.

Larry

Subprime JD's picture
Subprime JD
Status: Platinum Member (Offline)
Joined: Feb 17 2009
Posts: 562
Re: Executive order 6102: FDR's gold confiscation

I read plenty about pearl harbor. No aircraft carriers were at the bay during the attack.

I am also aware of the Emergency Banking Act of 1933 and how we have been in a "national emergency" ever since. That provision about he BIS however, just blew my mind.

DrKrbyLuv's picture
DrKrbyLuv
Status: Diamond Member (Offline)
Joined: Aug 10 2008
Posts: 1995
Re: Executive order 6102: FDR's gold confiscation

You are touching on a pivotal point in American history that is inexplicably shrouded in much mystery.  My interpretation is that the gold was taken from the U.S. in 1933 but it seems that the vast majority of Americans have ever since thought we actually "owned" the gold purported to be at Fort Knox and other Treasury depositories.

I posted this earlier but it applies here, so I'll cut and paste:

Under the Emergency Banking Act of March 9, 1933, the secretary of the Treasury issued orders requiring all gold coin, gold bullion, and gold certificates to be delivered to the Treasurer of the United States. A new type of gold certificate, series of 1934, in denominations of $100, $1,000, $10,000, and $100,000, was issued only to Federal Reserve banks. The special gold certificates were never issued again after 1935.

In 1983, the "Report to the Congress of the Commission on the Role of Gold in the Domestic and International Monetary Systems" was published. In it, is a revealing statement:

"Gold certificates...are a liability of the Treasury, are issued to the Federal Reserve by the Treasury against its gold holding. The certificates represent a Federal Reserve claim on the assets of the Treasury, for which the Treasury has recieved a counterpart deposit in its account with the Federal Reserve.

All gold held by the Tresury has been monetized in this fashion."

The BIS part is very interesting.  In his book "Wall Street and the Rise of Hitler" Anthony Sutton documents how Wall Street helped Hitler and Nazi Germany quickly rise to a world power.  While Americans were suffering the effects of the great depression, billions of American dollars were pouring into Germany, much through the BIS.  Here are some excerpts:

Two extracts from contemporary sources will introduce and suggest the theme to be expanded. The first extract is from Roosevelt's own files. The U.S. Ambassador in Germany, William Dodd, wrote FDR from Berlin on October 19, 1936 (three years after Hitler came to power), concerning American industrialists and their aid to the Nazis:

"Much as I believe in peace as our best policy, I cannot avoid the fears which Wilson emphasized more than once in conversations with me, August 15, 1915 and later: the breakdown of democracy in all Europe will be a disaster to the people. But what can you do? At the present moment more than a hundred American corporations have subsidiaries here or cooperative understandings. The DuPonts have three allies in Germany that are aiding in the armament business.

Their chief ally is the I. G. Farben Company, a part of the Government which gives 200,000 marks a year to one propaganda organization operating on American opinion. Standard Oil Company (New York sub-company) sent $2,000,000 here in December 1933 and has made $500,000 a year helping Germans make Ersatz gas for war purposes; but Standard Oil cannot take any of its earnings out of the country except in goods. They do little of this, report their earnings at home, but do not explain the facts.

The International Harvester Company president told me their business here rose 33% a year (arms manufacture, I believe), but they could take nothing out. Even our airplanes people have secret arrangement with Krupps. General Motor Company and Ford do enormous businesses/sic] here through their subsidiaries and take no profits out. I mention these facts because they complicate things and add to war dangers."

Second, a quote from the diary of the same U.S. Ambassador in Germany. The reader should bear in mind that a representative of the cited Vacuum Oil Company — as well as representatives of other Nazi, supporting American firms — was appointed to the post-war Control Commission to de-Nazify the Nazis:

"January 25. Thursday. Our Commercial Attache brought Dr. Engelbrecht, chairman of the Vacuum Oil Company in Hamburg, to see me. Engelbrecht repeated what he had said a year ago: "The Standard Oil Company of New York, the parent company of the Vacuum, has spent 10,000,000 marks in Germany trying to find oil resources and building a great refinery near the Hamburg harbor." Engelbrecht is still boring wells and finding a good deal of crude oil in the Hanover region, but he had no hope of great deposits. He hopes Dr. Schacht will subsidize his company as he does some German companies that have found no crude oil. The Vacuum spends all its earnings here, employs 1,000 men and never sends any of its money home.

These men were hardly out of the building before the lawyer came in again to report his difficulties. I could not do anything. I asked him, however: Why did the Standard Oil Company of New York send $1,000,000 over here in December, 1933, to aid the Germans in making gasoline from soft coal for war emergencies? Why do the International Harvester people continue to manufacture in Germany when their company gets nothing out of the country and when it has failed to collect its war losses? He saw my point and agreed that it looked foolish and that it only means greater losses if another war breaks loose."

The alliance between Nazi political power and American "Big Business" may well have looked foolish to Ambassador Dodd and the American attorney he questioned. In practice, of course, "Big Business" is anything but foolish when it comes to promoting its own self-interest. Investment in Nazi Germany (along with similar investments in the Soviet Union) was a reflection of higher policies, with much more than immediate profit at stake, even though profits could not be repatriated. To trace these "higher policies" one has to penetrate the financial control of multinational corporations, because those who control the flow of finance ultimately control the day-to-day policies.

Carroll Quigley has shown that the apex of this international financial control system before World War II was the Bank for International Settlements, with representatives from the international banking firms of Europe and the United States, in an arrangement that continued throughout World War II. During the Nazi period, Germany's representative at the Bank for International Settlements was Hitler's financial genius and president of the Reichsbank, Hjalmar Horace Greeley Schacht.

The book goes on to detail the fact that Wall Street and huge American corporations helped Hitler and Nazi Germany rise to power and continued supporting him through-out the war (it's available online).  American and allied soldiers were dying while Wall Street was profiting by supplying Nazi Germany with weapons, fuel, airplanes and technology.

I think the only one actually charged with a crime was George Bush's grandfather, Prescot Bush.  He worked for Harriman Bank and loaned the Nazis billions of dollars both before and during the war.  He got off with a rebuke and his son and grandson went on to become presidents.  Treason has always been a Bush legacy.

Larry

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