Blog 49

2010-October-07

Sell Your Gold - Or Else

In 1933 the US Government [the perennial bureaucrats that is] made it illegal for Americans to own gold, [I won't go into the whys and wherefores here]. When Americans 'gave up' their gold in 1933, they were paid $20.67 for each ounce they surrendered.

If they had simply 'lost' one of those ounces behind the sofa, today they could exchange it for over $1,200.

But if [as most people were forced to do] they had sold their gold and taken the $20.67 in paper money and then misplaced it until today, $20.67 would only buy what $1.32 would have bought in 1933.

It's what governments do; live with it.

While writing any article that refers to 'government' I am becoming increasingly aware that what I really mean is the 'permanent bureaucracy'; in other words, that unelected group of individuals who wield the real power in any society. I am not talking about the relatively small group of individuals 'elected' occasionally into the position of political power for a few years as a gesture towards conforming to the ideals of a so-called democratic system.

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