In response to:

Can It Happen Here?

erasmussen Wrote: Mar 26, 2013 4:20 PM
Actually, the US Government has done just that when FDR seized, not 40% but 100% of the money, money in the form of perfectly legitimate gold coins in the 1930's. Astoundingly, a descendent of bankers, and son of a robber baron, had become convinced gold coinage was the root of economic evil, following WWI and the Roaring 20's where the US had amassed a large amount of the world's gold inventories, a disproportionate share even. WIth it's peak, FDR for some reason didn't want gold flows diluting his political power to fundamentally change capitalism to quasi-socialism. Gold would have quickly told the tale of the tape regarding the New Deal, and an honest economic poll is the last thing FDR wanted. He, like O', seems to prefer talking.
Joe 145 Wrote: Mar 26, 2013 4:58 PM
FDR did not want a lot of money being moved into gold when he implemented his spending. So he made it illegal for a person to hold and own gold bullion.

The decision of the government in Cyprus to simply take money out of people's bank accounts there sent shock waves around the world. People far removed from that small island nation had to wonder: "Can this happen here?"

The economic repercussions of having people feel that their money is not safe in banks can be catastrophic. Banks are not just warehouses where money can be stored. They are crucial institutions for gathering individually modest amounts of money from millions of people and transferring that money to strangers whom those people would not directly entrust it to.

Multi-billion dollar corporations, whose economies...