Many gold bugs will be aware of Roosevelt’s confiscation of gold in 1933 and there has been speculation by some writers of a similar future move. In an interview with Daily News & Analysis, the anonymous blogger FOFOA says this will not happen and addresses the question as follows:
Franklin Roosevelt had confiscated all the gold that Americans had in 1933. Do you see something similar happening in days to come?
Not at all!The purpose of the confiscation was to stop the bank run epidemic at that time. There’s no need to do it again. The dollar is no longer defined as a fixed weight of gold, so the reason for the last confiscation—and subsequent devaluation—no longer exists. Gold that’s still in the ground is a different story, however. Gold mines will likely be considered strategically important national assets after the revaluation, and will therefore fall under tight government control.
One of the lines in the interview was a classic..
The dollar is as safe as a bomb shelter that’s rigged to blow up once everyone is “safely” inside.
The full interview is worth the read, click here to read.