On this day, June 5, 1933: FDR Ends Gold Standard, Bans Private Ownership of Gold

Prior to the election of America’s longest serving socialist president, our money was backed by gold. Anyone holding our paper currency could demand to exchange it for gold at a set price. In 1913, the gold standard was officially made part of the Federal Reserve and the price of gold was fixed at $20.67 per ounce. The same law mandated that the Federal Reserve kept enough gold on hand to equal 40% of the currency issued at the time.

–SNIP– On this day, June 5, 1933, Roosevelt, with the aid of Congress, finalized his plan to take America completely off the gold standard. No longer was our currency backed by gold. Instead, our currency was basically valued at the value placed on it by the Federal Reserve, which also played an important role in international banking and currency values. All gold coins and bullion was required to be turned over to the Federal Reserve. No private ownership of gold coins or bullion was allowed in the US.

Read more at Constitution.com

The Ten Principles of a Free Society

1. Rights belong to individuals, not groups; they derive from our nature and can neither be granted nor taken away by government.

2. All peaceful, voluntary economic and social associations are permitted; consent is the basis of the social and economic order.

3. Justly acquired property is privately owned by individuals and voluntary groups, and this ownership cannot be arbitrarily voided by governments.

4. Government may not redistribute private wealth or grant special privileges to any individual or group.

5. Individuals are responsible for their own actions; government cannot and should not protect us from ourselves.

Read more by Ron Paul at LewRockwell.com

Politicians Need An “Other People’s Money Addicts Anonymous” Program

My name is David and I am an OPM addict.

Actually, that is not true; I am not addicted. I might be one of the very few people in this house who is not, because addiction to OPM is a national crisis and I am surrounded by addicts.

I am not talking about the drug opium but something far more terrible. I am talking about an addiction to other people’s money.

The great economist Milton Friedman taught us that there are four ways to spend money: spending your own money on yourself; spending your own money on somebody else; spending other people’s money on yourself; and spending other people’s money on somebody else.

[This speech was delivered by Australian Senator David Leyonhjelm on the floor of the Australian Senate Chamber in Canberra on Tuesday, September 23]

Read more at OpenAustralia.org.au

Money, Banking and the Federal Reserve

Thomas Jefferson and Andrew Jackson understood “The Monster”. But to most Americans today, “Federal Reserve” is just a name on the dollar bill. They have no idea of what the central bank does to the economy, or to their own economic lives; of how and why it was founded and operates; or of the sound money and banking that could end the statism, inflation, and business cycles that the Fed generates.

Video by Mises Media (Ludwig von Mises Institute) at http://www.youtube.com/watch?v=YLYL_NVU1bg

Today, June 5, 1933: FDR Ends Gold Standard, Bans Private Ownership of Gold

Prior to the election of America’s longest serving socialist president, our money was backed by gold. Anyone holding our paper currency could demand to exchange it for gold at a set price. In 1913, the gold standard was officially made part of the Federal Reserve and the price of gold was fixed at $20.67 per ounce. The same law mandated that the Federal Reserve kept enough gold on hand to equal 40% of the currency issued at the time.

–SNIP– On this day, June 5, 1933, Roosevelt, with the aid of Congress, finalized his plan to take America completely off the gold standard. No longer was our currency backed by gold. Instead, our currency was basically valued at the value placed on it by the Federal Reserve, which also played an important role in international banking and currency values. All gold coins and bullion was required to be turned over to the Federal Reserve. No private ownership of gold coins or bullion was allowed in the US.

Read more at Constitution.com

Understanding the Federal Reserve’s Shell Game

The Federal Reserve is a key component of the American Transfer State. Under the guise of “macroeconomic management,” it redistributes vast amounts of wealth on an ongoing basis through inflation. The victims of these transfers are ordinary Americans. The beneficiaries are the government and its elite cronies.

The Fed masks the nature of this surreptitious taxation and corporate welfare by performing a simple shell game that is just complicated enough to confound the general public.

First, let’s imagine the government performing this kind of inflationary transfer without the shell game. . . .

Read more by Dan Sanchez at Mises.org

Central banks will create global socialism

“The central banks aren’t interested in what works, they’re interested in their own prestige. And they are so deep into it already and it didn’t work. They will increase the medicine,” said Marc Faber, the publisher of The Gloom, Boom & Doom Report. “Eventually, they’ll buy all the government bonds; they’ll buy all the corporate bonds, all the shares outstanding. Afterwards the housing market goes down, they’ll buy all the homes and then the government will own everything.”

That’s the road to socialism, he said.

“I could see a situation where at the end the government owns all the corporations and all the government bonds and then we are back into socialism, into a planning economy,” said Faber.

Read more at CNBC.com

Big bucks, shadowy companies: Election mystery money returns

Campaign money from shadowy sources is back this presidential election.

At least $4 million of it is flowing to outside groups helping White House hopefuls, making it difficult to trace who’s behind the big bucks. Both parties benefit from money routed through obscure corporations, or from nonprofits that don’t have to disclose their donors.

The contributions are a reminder of federal court decisions in recent years, like Citizens United, that loosened prior restrictions in campaign finance laws. That can hide who’s really backing candidates – and what favors or influence could be owed should they get elected.

Read more by JACK GILLUM, CHAD DAY and STEPHEN BRAUN at AP.com