The Controversy of Government Bonds and Executive Orders: A Historical Perspective
HistoryCold War HistoryThis article explores the contentious history of government bonds, executive orders, and their impact on bondholders, with a focus on the actions of President Roosevelt during the 1930s.
FDR's Executive Orders and Bondholder Criticism
⚖️Governments can default on their bonds and use executive orders against bondholders.
🕵️FDR was criticized for being a thief and orchestrating a heist.
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Impact of Executive Orders on Bondholders and Gold Reserves
📜Executive Order 6102 signed by President Roosevelt forbade the hoarding of gold in the United States.
💰The majority of the Liberty Bonds were refinanced through other government securities.
⚖️The legal basis for the refusal of the US government to redeem gold was the gold Clause resolution dated June 5th, 1933.
📈The gold reserves of the United States increased significantly in the 1930s.
FAQ
What was the purpose of Executive Order 6102?
The executive order was made under the authority of the trading with the Enemy Act of 1917 and the Emergency Banking Act in March 1933.
Why were the Liberty Bonds refinanced?
Many people thought there were defaults on the Bonds, but they were simply refinanced.
What was the Supreme Court's ruling on the gold Clause resolution?
The Court ruled that bondholders' loss was unquantifiable, and repaying them in dollars according to the 1918 standard of value would be unjustified enrichment.
Who benefited from the increase in gold reserves?
The government and bankers, including the Rockefellers and JP Morgans, benefited from this increase.
How did corporations benefit from doing business with Uncle Sam during World War I?
Corporations that did business with Uncle Sam during World War I got paid in gold.
Summary with Timestamps
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This article explores the contentious history of government bonds, executive orders, and their impact on bondholders, with a focus on the actions of President Roosevelt during the 1930s.
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