A Real Stimulus Plan: Reverse Presidential Executive Order 6102 Give Us Back Our Gold

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A Real Stimulus Plan: Reverse Presidential Executive Order 6102 Give Us Back Our Gold
Published on 03-16-2009 Email To Friend Print Version


Source: www.roguegovernment.com
By - Bud Rogers

On April 5th 1933 Franklin Delano Roosevelt signed Presidential Executive Order 6102. This order essentially outlawed the private ownership of gold by American Citizens. Citizens were ordered to hand over their gold or face fines and imprisonment. While many did comply, others secretly moved gold out of the country or hid it from authorities. Today, the privately owned Federal Reserve System has gold certificates on its balance sheet in excess of $11 billion. Because the official price of gold is $42.22, this represents 261 million ounces of confiscated gold owned by the American public.

In order to take ownership of the gold certificates from the Federal Reserve, Congress should authorize the Treasury to create $261 billion in debt free US Notes. Secretary Geithner will purchase from the Fed all gold certificates at a premium to the current market price for gold. This would be equal to $1000.00 per ounce of gold. Now the Fed will have strengthened its balance sheet by $250 billion.

Next, Mr. Geithner will gather all the gold and begin the process of minting one ounce gold coins with a face value of $1000.00, half ounce coins with a face value of $500.00, quarter ounce coins with a face value of $250.00, and tenth ounce coins with a face value of $100.00.

Once all of the coins have been minted, the Treasury will send out special tax refunds in the form of gold certificates. These can be deposited at your local bank or exchanged for real gold coins that can be used in commercial transactions.

The beauty of this plan is that it creates no debt, utilizes an asset that is gathering dust in numerous vaults, and strengthens the Fed’s balance sheet. What could be better? Now the American public will have extra real money to spend. You guys at the Treasury and Fed are big fans of paper, print all you want. Let us have our gold. You stole it, now give it back.