Franklin D. Roosevelt's 1933 Executive Order 6102 forced Americans to surrender their gold, made private ownership illegal, and devalued gold by 69%. The speaker argues this shows why the government cannot be trusted with monetary policy, citing Thomas Jefferson's warnings about banking elites and the Federal Reserve's 1913 creation.
History shows us why we can't trust the government with money. And of course, we could just go back to, again, the Founding Fathers, and we could see the warnings that they had given us. Jefferson told us that banking institutions would be more dangerous than standing armies. He feared, one, it would create this aristocratic class of financial elites that would then use that for power. They would create debt, they would put the governments into debt. With this creation of paper money and debt, they would cause inflation and deflation to deprive citizens of their property. So the market crashes, you lose your homes. They inflate Take away the money, you lose your ability to buy property. But in the creation of the Federal Reserve in 1913, they started printing more of the paper debt instruments, or Federal Reserve notes, or as we call them, dollars today. And by 1933, it created this big problem where the government had way too much of this money created. They had way too much debt. The president created our Executive Order 6102, put the banks on holiday, and when the banks came off holiday, they took all your gold. Not only did they take all the gold in the bank, they made it illegal for you to have gold, and you had to turn the gold in. And then what they did is, after they took all the gold and made you turn the gold in, then they devalued gold 69%. Then you lost 69% of your property. It was overnight, basically. Overnight.
