On April 5, 1933, an executive order was issued requiring all owners of gold coin, bullion and certificates, to deliver their gold to a federal reserve bank, branch or agency, or to any member bank of the federal reserve system.
Here’s the thing….
Confiscate is to sieze, or take. The government actually paid individuals for gold during this time. So in a sense, they did not confiscate, but purchased everyones gold back from them for $20.67 oz.
Our country was in a dire situation at the time, much like it is today. Some would say that it was no where near todays economic situation, but, that depends on who you ask. Looking back, and observing the present, I would much rather the governmnet come in and buy all the publics gold back from them again. At least they were loading our countries depositories with something of value, and giving us a fighting chance. Today, there is nothing but hot air, paper fluff that holds value as long as our neighbors continue to buy our debt.
There have been many rumors that hold untrue about this executive order from Franklin D. Roosevelt in 1933. Some have said in the past that it allowed the Federal Government access to everyones safe deposit box. This is completely false. This issue came to light when a non US citizen was arrested for tax evasion, and in the process had his safe deposit box siezed. It just so happend that Zelik Josefowitz had a little over 10,000 oz. of gold in his box at the time. Another source for this rumor was the number of bank failures in the 30’s put a lot of safe deposit boxes in the possesion of the US government. This was not by force that they acquired all these safe deposit boxes. This executive order was not as scary as some think, it was merely evidence of how serious a situation our economy was in at the time.