The Gold Reserve Act of 1934 has to be one of the biggest scams perpetrated by our overlords ever.

So in 1933 FDR signs executive order 6102, eliminates gold/dollar redeemability and siezes people’s gold. Then he signs this act in 1934 to transfer ownership of all gold to the US Treasury, including the Fed’s gold (thank very much.)

Then in order to not bankrupt the Fed, as it had taken basically all of its assets (but still had all of its liabilities), the US Treasury gives the Fed some gold certificates saying that the gold they took is still the Fed’s but they can never take it back.

And presto!

Really? And this is what kept the Fed solvent? Because they had some stinking pieces of paper saying that they owned some gold (but not really because the Treasury is never going to give it back) to match their liabilities?

I mean… FFS!