A reader recently left this question on my ministry website, www.ChristianFinancialConcepts.com:
"I thought I heard you say on the radio that FDR took us off the gold standard. When I Google on Richard Nixon it says that he was the one who took us off the gold standard."
That is a common misconception. It is reinforced by Google, which is notoriously liberal, and favors a global government. Try www.DuckDuckGo.com for a neutral web browser. It's not Conservative, but you won't be fed only the leftist views of Google. Also, DuckDuckGo doesn't harvest and sell your personal info like Google does.
The simple truth is that FDR illegally and unconstitutionally took the U.S. off the Gold Standard (which is actually the God Standard, since God gave us Gold and Silver, which are scarce, to keep politicians and bankers from manipulating our currency). See my video, "The Only Money God Ever Made" on www.ChristianFinancialConcepts.com. Since that time, according to the US government's own information, the US Dollar has lost 96% of its value to inflation. That's proof enough that the Gold Standard ended in 1933.
But there is far more proof than that. Research Executive Order 6102 and you will see that not only did FDR end the Gold Standard, but he stole 40% of the personal wealth of the nation. His motive, of course, was power. Once we were no longer on the Gold Standard, he could print as much money as he wished with zero accountability. Under the real Gold Standard every dollar printed had to be backed by precious metals (specie). FDR took great advantage of this. He printed so much money and bought so many votes with it that he was elected four times. He would still be president today if he hadn't died. No other president has ever been elected more than twice.
I call the so-called Gold Standard that Nixon finally ended "Gold Standard Light." To maintain the illusion that the US Dollar was still solid, it was backed only 20% by Gold - and often by far less than that. Under the Gold Standard any American could take paper Gold Certificates and redeem them for physical Gold. After 1933 they could be fined or imprisoned for the "crime" of possessing legal US money. Shortly after he took office, FDR ordered all Americans to turn their lawful, Constitutional Gold money over to the government to be melted down. They also had to turn in their Gold certificates, which were paper bills that were legal obligations of the government. For instance, the $20 Gold certificate could be redeemed at any bank for a one-ounce $20 Gold coin. (Wouldn't you like to buy a few hundred ounces of Gold for $20 per ounce? Unfortunately for Americans, those $20 Gold coins sell for $2,000 today). They bore this legend:
"There have been deposited in the Treasury of the United States of America $20 in Gold coin, payable to the bearer on demand."
That's where the expression "Good as Gold" comes from. These Gold certificates were "Good as Gold" because the government guaranteed that you could redeem them for Gold. FDR didn't admit the truth - that he was stealing lawful, Constitutional money from US citizens. He "exchanged the Gold coins for paper money backed by nothing. Instead of the government being obligated to give the holders of $20 Gold Certificates an ounce of Gold, since the big steal the government is only obligated to give you 2 $10 bills, four $5 bills, or twenty $1 bills, in exchange for a $20 Federal Reserve note. Since FDR took us off the Gold Standard that had served us so well for over 150 years that the dollar has lost 96% of its value - according to the government's own website. So the $20 one-ounce Gold coin that FDR stole is worth $2,000 today, while the $20 Federal Reserve Note is worth 80 cents today. (Note that a Note is an IOU - it is not money.)
Meanwhile, other countries (notably France and Germany) were allowed to redeem US Dollars and Treasury instruments at the government-mandated official price of Gold - $35 per ounce. That was great for them (since the free market price of Gold worldwide was much higher), but bad for the US. After other nations had drained us of half the Gold we had after WWI, Nixon wisely closed what they called the "Gold Window."
I don't care if other nations were stupidly allowed to take American Gold. The Gold Standard ended the day Americans were no longer able to do so.
HISTORICAL VIDEO: FDR Ends the Gold Standard in 1933
HISTORY.COM: On June 5, 1933, FDR Took the US off the Gold Standard
Dr. Tom Barrett is a pastor, teacher, author, conference keynote speaker, professor, certified executive coach, and marketplace minister. His teaching and coaching have blessed both church and business leaders. He has been ordained for over 40 years, and has pastored in seven churches over that time. Today he “pastors pastors” as he oversees ordained and licensed ministers in Florida for his ministerial fellowship.
He has written thousands of articles that have been republished in national newspapers and on hundreds of websites, and is a frequent guest on radio and television shows. His weekly Conservative Truth article (which is read by 250,000) offers a unique viewpoint on social, moral and political issues from a Biblical worldview. This has resulted in invitations to speak internationally at churches, conferences, Money Shows, universities, and on TV (including the 700 Club).
“Dr. Tom,” as his readers and followers affectionately refer to him, has a passion for teaching, as you can see from his ministry website (www.ChristianFinancialConcepts.com); his patriotic site (www.ConservativeTruth.org); and his business site (www.GoldenArtTreasures.com). Tom's friend Dr. Lance Wallnau wrote of him, "Tom Barrett is a Renaissance man with a passion for subject matter ranging from finance to theology and American history."