Roosevelt’s Gold Heist
In 1933, President Franklin D. Roosevelt issued an executive order that required all citizens to turn in their gold coins and bullion to the Federal Reserve. This order was part of Roosevelt’s plan to devalue the US dollar and help the country out of the Great Depression. However, the order also had an unintended consequence: it caused a massive gold theft.
The gold theft was so widespread that it caused a default in the US gold reserves. This default caused a huge financial crisis, as the US government was unable to pay its debts. The gold theft also caused a huge drop in the value of the US dollar, as investors lost confidence in the US economy.
The gold theft was eventually stopped, but the damage had already been done. The US economy was in shambles and the US dollar had lost much of its value. It took years for the US economy to recover from the gold theft and default.
Today, the gold theft and default are remembered as a dark chapter in US history. It serves as a reminder of the power of executive orders and the importance of financial stability.
