It has long been said that a fool and his money are soon parted. But we sometimes wonder how the money manipulators get away with it.
How did they get away with calling in all the American people’s gold in the early 1930s? How did the get away with making it a felony to own monetary gold, a crime punishable by huge fines and imprisonment? How did they get away with forcing people to relinquish their private gold to the government at $20.67 an ounce and once they had the gold, suddenly raising the price to $35 an ounce?
How does the Fed get away with creating trillions of dollars to provide liquidity to foreign governments and even private foreign banks? How did it get away with creating trillions of dollars out of thin air to bail out the crony banks, while not bailing out millions of Americans as they lost their homes?
How do they get away with manipulating interest rates to boom Wall Street, while savers and pension plans and old people on fixed incomes are going bust and even taking outsized risks to earn a meaningful return?
How has the Fed gotten away with destroying 97 percent of the dollar’s purchasing power?
We sometimes wonder how they get away with it.
Well, here’s a partial answer. Most people don’t know what’s going on. A crypto-currency company in the British Virgin Islands commissioned a study of Americans in September 2019 that found that:
- 29 percent of respondents think the US dollar is still backed by gold. 4 percent think the dollar is backed by oil.
- 54 percent think the Federal Reserve is owned by the US government.
- 26 percent thing that banks keep on hand 100 percent of the deposits made with them by customers.
Of course, none of these things are true.
At Republic Monetary Exchange, we take educating our friends and clients seriously. We have found that the more people know about the essentials of money and gold, the better they prepare themselves and their families for the upsets that are only too predictable with unbacked paper and unbacked digital monetary schemes.
Feel free to share our blog posts and articles. The more people understand why gold remains the world’s preeminent monetary commodity, the more likely it is that we can one day replace monetary manipulation and deceit with monetary reliability and ensure a long-term prosperous future for ourselves and our fellow Americans.