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I found some interesting info that I thought readers of my original post would appreciate. Here's a link to my original post:
It's an extensive exploration of newspaper articles from that time period (1933), that were basically cheering the confiscation of gold.
The question I was left with was...how many people who had gold actually turned it in? Who stayed quiet and kept their gold? I found no good answers until I saw some references in an article from the Tenth Amendment Center: https://tenthamendmentcenter.com/2024/05/16/executive-order-6102-a-deep-dive-into-fdrs-gold-confiscation-program/
Basically, there was no real enforcement in the sense of governments ransacking people's homes. The government relied on propaganda and threats to encourage voluntary compliance. And voluntary compliance was NOT widespread.
Here's some excerpts:
The total amount of gold turned into the Fed remains unclear because the central bank isn’t required to disclose detailed accounting. However, in their book A Monetary History of the United States, Milton Friedman and Anna Jacobson Schwartz estimated the amount was relatively small and that most people simply ignored the order.
According to their calculations, Americans turned in about 20 to 25 percent of gold held in private hands at the time. In other words, a large percent of people simply ignored the order.
Friedman and Schwartz came to this conclusion when they found something wonky in the official government data. The amount of gold the government said it held (in dollar terms) before the confiscation order was abnormally low.
“If the estimates of gold lost and gold exported without record are added to the gold coin returned to the Treasury since 1934, we are still far short of accounting for even half of the $287 million. We therefore concluded that in Jan. 1934 the bulk of the $287 million was retained illegally in private hands.”
In effect, the Federal Reserve cooked the books to make it look like more gold was turned in than really was.
So, I found this kind of encouraging. Apparently a solid majority of gold "hoarders" back in the 1930's thumbed their nose at government dictates and quietly held on to their gold.
I hope that when the moment comes, bitcoiners will do the same.
2273 sats \ 0 replies \ @freetx 2 Jun
The number #1 rule of lawyers is: Don't ask a question in court that you don't already know the answer to.
The number #1 rule of those in power is: Don't try to enforce a rule that you can't.
The gov was never going to try to actually enforce Exec Order 6102, but thats because its real goal was more subtle.
Before EO6102, most financial legal contracts had "gold clauses" in them (that is a clause that optionally priced the transaction in gold ounces and gave the creditor the option on how to collect)
The effect of 6102 was that it made "gold clauses" effectively illegal. There was no way to legally include a gold clause, since the inference was the parties would be illegally owning gold.
This effectively demonetized gold (removed it as a unit of account) and thus officially converted the economy into a "pure fiat" system.
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My “research” by searching and reading for a couple days led me to estimate about 25% confiscation of gold by the government. The trick was to get everyone to store their gold in banks using propaganda and incentives. Then most of the banks were compliant in turning over their reserves and the reserves they held for their clients over to the government.
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Decades before "bail-in" was even a phrase
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Corruption at its finest.
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28 sats \ 0 replies \ @anon 2 Jun
the difference is...of course:
GOLD DOESN'T HAVE A PUBLIC LEDGER LEADING RIGHT TO ANY KYC'D SPEND YOU MIGHT HAVE OR MAY DO
the government has the entirety of the rest of existence to sit back and correlated spends or you know... eventually do the thing it has done for centuries...crack encryption
the whole point of cypher punk and crypto is privacy
dummie cope, bitcoin isn't resistance money anymore, it's compliance and custodial now
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34 sats \ 2 replies \ @td 2 Jun
Mandibles
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Yeah, that was an outstanding book.
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0 sats \ 0 replies \ @td 2 Jun
Lionel Shriver (great name as m/f ambiguous) has a very mixed reception in the UK. Writes for the Spectator, which is a blue (red if you’re USA) publication.
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34 sats \ 2 replies \ @Lux 2 Jun
imo, the same people that volunteer to pay capital gains tax on Bitcoin today, would surrender at an exec order just like that. there are more slaves today than in 1933.
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Yeah, this definitely crosses my mind as well. Are we more compliant now than in the 1930's. Well...I hope not, but maybe.
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20 sats \ 0 replies \ @Lux 2 Jun
during US tax season almost every day someone brags about paying their taxes in the saloon
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Very interesting. Wasn't aware of the the tenth, the“rule of construction.” One thing I'm aware of, applicable to any jurisdiction, is that war is theft. Surprised there's no legal sub yet on SN. Thanks for sharing.
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"On a dark and stormy day, on my way to the IRS, my steel plate fell into a drainage ditch. I tried to reach it, but it started pouring rain, and sadly, it washed away. Maybe one day, with advances in hypno-therapy and memory reconstruction, the 12 words will come back to me. I will be sure to let you know when that happens. Oh this? That's a one-way ticket to El Salvador. Heard the weather is nice down there."
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0 sats \ 0 replies \ @td 2 Jun
I feel like this is the nub of how the whole illusion falls apart
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We got this! You guys are legends!
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0 sats \ 0 replies \ @td 2 Jun
Does the Government have the resources to begin police the confiscation of Bitcoin.
Not to mention that it’s impossible.
Alien technology where capital exists only on your brain.
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Yes it's true, we'll meme society into the second renaissance.
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Yes I believe most bitcoiners will absolutely ignore any stupid government dik tats.
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Interesting discovery, that goes to show that those who hid their later makes futune out of it.
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Yeah, from the research that I did, people did turn some over. But the majority held on to theirs. They didnt even bother to hide it. They just kept it for a rainy day, thats all. No Fed came in to a house to collect it lol
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