I used to be Keynesian and thought that inflation was a free tax that was also good for investment and growth.<p>Now I understand that it leads inexorably to ruin. It creates a situation where you have to invest in markets, which removes the link to value, e.g. "the market always goes up." Growth investing is an oxymoron and just a variation of a Ponzi Scheme.<p>We're at a watershed moment in modern history. In the coming months and years, countries will have to return to a gold standard and when they do, they will have to either limit gold sales, deeply penalize it, or just like in 1934, confiscate it. This has all happened before.
I'd be interested to read what op-eds in contemporary news papers said about this subject.<p>My initial thought is that this move would be seen as deeply unpopular, but clearly it wasn't. This seems to be the first step in moving from gold-backed currency, and that process took about 40 years. Which means that this policy was not only popular, but broadly seen as necessary by five subsequent presidential administrations.<p>I cannot imagine any sort of project taking 40 years of bipartisan collaboration succeeding in today's climate.
Anyone have any details on what the exceptions were:<p>A year earlier, in 1933, Executive Order 6102 had made it a criminal offense for U.S. citizens to own or trade gold anywhere in the world, with exceptions for some jewelry and collector's coins.<p>--<p>Like how much jewelry?