The InfoStride Forum

NEWS and REPORTS => World News => Topic started by: TFD on Apr 05, 2012, 08:00 AM

Title: History Of The Day - US President Franklin D. Roosevelt Forbids Hoarding of Gold (1933)
Post by: TFD on Apr 05, 2012, 08:00 AM
Executive Order 6012 required US citizens and businesses to turn in all but a small amount of gold to the Federal Reserve in exchange for $20.67 per ounce. It came in the midst of a banking crisis, when the stability of paper currency was in doubt. Consequently, many tried to withdraw their money and redeem it for gold, which was considered safer. However, there simply was not enough gold in the US—or the world—to cover the nation's debts. How many people were prosecuted for violating the order? Discuss (http://forum.thefreedictionary.com/postst25472_US-President-Franklin-D--Roosevelt-Forbids-Hoarding-of-Gold--1933-.aspx)



Free Dictionary Encyclopedia