Why It’s Time To Confiscate Gold

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In 1933, President Franklin D. Roosevelt signed Executive Order 6102 “forbidding the Hoarding of gold coin, gold buillion and gold certificates within the continental United States“. The effect of the Order was to criminalise the holding of gold by private individuals, associations and businesses. Patriotic citizens duly turned in their gold bars, coins and certificates, receiving payment equivalent to $20 per ounce. Whilst these individuals may initially have been reluctant to give up their shiny metal, one can imagine their delight in receiving real money in the form of crisp bank notes.

Only in the 1970s did it again become legal for United States citizens to possess gold. Since then, gold has proven a poor investment despite the occasional spike in price due to speculators exploiting public fear. From a high of around $1900 per ounce in 2011, Gold trades today at only $1,190, for a decrease of nearly 40%. In contrast, our stockmarkets are at or near record highs, showing in absolute and relative terms just what a wealth-destroyer gold is.

As we progress as a nation and move towards the utopia of a cashless banking system, it is time to re-examine the case for gold confiscation. Taking a futile stand against progress, like turds that simply will not flush, are the so-called gold bugs.  These people, who are forever rooted in a ‘golden age’ that never really existed, claim that to confiscate gold somehow deprives them of liberty, that gold has a long track record as ‘real money’ and that it is insurance against monetary collapse. Let’s consider each of these arguments in turn.

Liberty

Gold bugs derive a peculiar fascination from taking out their bullion collection and counting their coins. Although this may seem a harmless pervesion, much like being a ‘Peeping Tom’, the reality is that their wealth is literally diminishing before their eyes for the reasons set out above.In the same way that the first duty of government is to protect the nation’s safety and freedoms, many accredited financial experts believe it is also the government’s duty to protect individual investors from their poor investment choices. For this reason, there are moral grounds for the confiscation of gold from private citizens so that they can invest their wealth in real assets and generate returns. Through the operation of the Plunge Protection Team, for example, the government has effectively guaranteed the ongoing increase in the values of shares quoted on Wall Street.

Gold’s track record as ‘real money’

Another favoured argument of gold bugs is that gold has enjoyed thousands of years of use as money. They will explain that gold was the standard means of exchange in the Roman Empire, the Greek Empire, the British Empire, Byzantine etc. The obvious flaw in this argument is that each of these empires no longer exists! In contrast, the American Empire, whose continuity is ensured by the strong US Dollar and fractional reserve banking system, continues to thrive!  Besides, even if gold did have a long track record, other exotic objects have been used as money equally well in the past such as sea shells, cigarette cards, and tulips.

Insurance against monetary collapse

Finally, we arrive at the gold bugs’ morbid interest in the financial apocalypse, which has always been ‘just around the corner’; they gain some sort of thrill from all negative economic announcements, from job losses, from stockmarket collapses, from the onset of recession etc.

Ultimately, holding gold as some sort of insurance from the global financial system collapsing is selfishness of the worst kind. For the cashless financial system to work most effectively, it is essential that all global citizens pool their wealth together and not take steps to keep it outside the banking system where there are no counterparties.

In any event, if the worst happens, you cannot eat gold!

Conclusion

The time for gold confiscation is here. As India’s recent experiment of outlawing high-value bank notes has shown, the population will quickly adapt to change that is made for the common good. We need to take gold out of the hands of fraudsters, money launderers, criminals and gold bugs and make that money works for the benefit of all.

Holders of gold coins etc. should be compensated for the face value of the gold they own. A one ounce ‘American Eagle’ (the most common gold coin) has a face value of 50 dollars, which seems an appropriate standard to apply to all gold holdings.

Let confiscation begin and freedom reign!

MillionDollarBonus
MillionDollarBonus

Totally agree Pbier! Gold hoarders are taking valuable capital out of the economy and locking it away in vaults by buying this useless metal. Central Banks buy gold as a matter of tradition, as Bernanke said. There is no need for any individual to own gold in the 21st century, ESPECIALLY when we are headed for a cashless society in the near future!

MillionDollarBonus
MillionDollarBonus

Yes – it’s a long held tradition that they practise year after year, to honor the history of gold as money. That doesn’t however mean that we should use gold as money today. A global cashless currency is the ideal form of money, and that is where we are headed.

Billy the Kid
Billy the Kid

If there is truly no need to hold gold then why do you want to confiscate it to hold?

Regressive Party ChairMAN
Regressive Party ChairMAN

They wonT confiscate my gold. I lost it in a boating accident.

Regressive Party ChairMAN
Regressive Party ChairMAN

It is documented as an accident. I have a letter from my insurance company confirming my loss.

MillionDollarBonus
MillionDollarBonus

Sure. We’ll see about that after the government has performed a search and seizure of your property. If you are found to have been hiding gold from the government, your punishment will be severe and unforgiving.

Black Lives Matter

You can’t eat boats.

drb6
drb6

I suppose that if Regressive Party Chairman would go to Emperor Bokassa I, he could be eaten, unlike his gold!

brewing
brewing

For years, I’ve been putting all my spare change into a large glass jar. When it gets full, I take it to may bank and get real accredited paper money. I must have $300 or $400 stashed under my mattress by now. I’m all set if this so called “financial collapse” ever occurs!

richandrenee

Put it in the Bank brewing it’ll be much safer – and can be put to work creating jobs.

Black Lives Matter

You can’t eat glass jars.

Black Lives Matter

You can’t eat gold.

Regressive Party ChairMAN
Regressive Party ChairMAN

CanT expect a black person to know this:

http://www.businesspundit.com/10-ways-people-eat-gold/

richandrenee

You can put anything in your mouth you racist moron – eating implies some nutritional benefit.

You can’t eat gold.

Black Lives Matter

HATE SPEECH IS NOT FREE SPEECH.

CHECK YOUR PRIVILEGE.

raptor 911
raptor 911

if you think the confiscation of gold will bring you freedom. then man are you mislead…dream on. As for everything going cashless well it will not happen anytime soon and if it does there will be a huge underground of coin and all forms of bartering going on that will blow your mind.

Black Lives Matter

How are you going to eat those underground coins?

richandrenee

The cashless society is arriving soon raptor, very soon. It just shows how out of touch with reality you really are that you can’t see it. As for people bartering, what a joke, why would they bother when they’ve got the ease and convenience of a universal contactless payment system.

Billy the Kid
Billy the Kid

Hillary was supposed to arrive soon. But the extremely red America put her down like a horse that can run.

Billy the Kid
Billy the Kid

correction: “can’t”

drb6
drb6

If so-called “gold bugs” want to hold something shiny (obvious sick fetishism by all accounts), then perhaps Government can exchange their gold for bars of something else, such as tungsten, stamped with government-determined value, and redeemable against real money, just like gold is? Tungsten is much more useful and durable than gold. It melts at 6192 F, meaning that even if your house burns down, it is not lost (gold melts easily and would be lost), and it is widely used in industry, which means its value can not go to zero. Gold that has few industrial applications and once craze for this fetish goes away, its value may drop to nearly zero.

Billy the Kid
Billy the Kid

You are so desparate to take the goldbugs useless gold to do what? Exactly what they are doing. holding it?!?

drb6
drb6

I just want to have their sick fetish cured by government. Gold will be much safer if it is held in Fort Knox.

Billy the Kid
Billy the Kid

Safer from what?

Black Lives Matter

They probably do — after all, they want to repeal ObamaCare.

Bobby
Bobby

Great idea. And while they are at it, confiscate all the food storage from the fools who believe that somehow our system might fail to provide the just-in-time delivery network someday. Those people need to get a clue. The government will always provide as they have in the past. Why do people question the system. It has ALWAYS worked as advertised and to the benefit of the common man.

TrueDat
TrueDat

Hey MDB

Ill buy any of them those worthless gold eagles off you for 60 bucks of accredited us dollars. Same goes to anyone else out there dumb enough to do sucha thing.

Can fix stupid.

Billy the Kid
Billy the Kid

But you don’t think gold has value in the economy? what is the point of confiscation? Is it to punish those who disagree with you? You tend to describe gold as some sort of relic like a painting perhaps. If its just a relic why not let the barbarians hold on to it?

LouisDesyJr
LouisDesyJr

Are you serious?
Is this article satire?

Since when would anyone, that believes in the US Constitution, especially the 4th amendment right against unlawful searches, think the government should be allowed to confiscate gold from its citizens?

drb6
drb6

You elected the Government through voting for your representatives. Consequently, if it decides to confiscate your gold, you have voted for gold confiscation. And these are NOT unlawful searches if they are court-approved. Constitution does not mention prohibition of gold or silver confiscation anywhere.

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