By the end of , Elvis Presley had nearly 18 months of nonstop touring behind him and two dozen singles already under his belt, though his only hits were on the Country and Western charts. He was a hardworking and hard-to-categorize up-and-comer, but the next six months would Sign up now to learn about This Day in History straight from your inbox. Lopez was born in in the Bronx, New York, and went on to earn A huge section of the city of Constantinople, Turkey, is set ablaze on June 5, When the smoke finally cleared, 3, homes were destroyed and people were dead.
Immediately after he announced to his cheering supporters that the country was ready to end its fractious divisions, Marshall calls on the United States to assist in the economic recovery of postwar Europe. His speech provided the impetus for the so-called Marshall Plan, under which the United States sent Then, in the s, the U.
In , gold started to pour out of the U. At 9 PM on August 15, , President Richard Nixon gave a televised speech to the nation, announcing that he was taking the dollar off the "Gold Standard. The prohibition against owning gold wasn't uplifted until when President Gerald Ford-- unaware that it was a federal felony to own gold--saw sound-money advocate Jim Blanchard on TV raising a bar of gold and asking from his wheelchair: "Why can I not own this?
Ford signed proclamation Pub. Ford failed, however, to reestablish gold as a back up to government fiat or the American dollar. Deficits Climb and the Dollar Falls As a result, deficits continued to mount. Today, the U. The purchasing power of the U.
To hear several U. It was that line of thinking--first with FDR and later with Nixon--that instigated today's mounting deficits and the dollar's declining purchasing power.
Printing more money is fraught with the very real risk of creating high rates of inflation that will destroy the purchasing power of the dollar further, and potentially damage every American's savings and the livelihoods of people living on fixed incomes such as Social Security. About Search. By virtue of the authority vested in me by Section 5 b of the Act of October 6, , as amended by Section 2 of the Act of March 9, , entitled "An Act to provide relief in the existing national emergency in banking, and for other purposes," in which amendatory Act Congress declared that a serious emergency exists, I, Franklin D.
Roosevelt, President of the United States of America, do declare that said national emergency still continues to exist and pursuant to said section do hereby prohibit the hoarding of gold coin, gold bullion, and gold certificates within the continental United States by individuals, partnerships, associations and corporations and hereby prescribe the following regulations for carrying out the purposes of this order:.
Section 1. For the purposes of this regulation, the term "hoarding" means the withdrawal and withholding of gold coin, gold bullion or gold certificates from the recognized and customary channels of trade. The term "person" means any individual, partnership, association or corporation. Section 2.
All persons are hereby required to deliver on or before May 1, , to a Federal Reserve Bank or a branch or agency thereof or to any member bank of the Federal Reserve System all gold coin, gold bullion and gold certificates now owned by them or coming into their ownership on or before April 28, , except the following:. Section 3. Why do governments risk the bad publicity of restricting gold?
This is linked to a cornerstone of macroeconomics known as the monetary policy trilemma. In the s system, countries generally chose fixed exchange rates linked to gold, plus free capital movement and sacrificed control of monetary policy.
The system came under more and more pressure because too many investors were trading in their money for gold. One way for the US to take enough control of monetary policy to print more money was to impose various capital controls , including seizing gold.
Today, the situation is different because western economies have free-floating exchange rates so they have control over monetary policy and can allow capital to move freely.
This means that during a crisis, they can print money and cut interest rates without having to impose controls on the likes of gold. In fact, any direct meddling by governments in the gold markets today would likely be counterproductive. It would increase investor anxiety and encourage them to rush to other assets with similar properties such as silver or other precious metals.
Those who hold gold are therefore probably safer than they might have been in the past.
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