FDR’s Gold Nationalization Set the Stage for Today’s Inflation

Source: Future of Freedom Foundation
by Jacob G Hornberger

“Contrary to claims made by the mainstream press and high-school and college economics teachers, America never had a monetary system in which paper money was “backed by gold.” Gold coins and silver coins, not paper money, were America’s official money for more than 125 years. That’s a long time. So, how is that we are living today under a paper-money standard? One thing is for sure: The Constitution was never amended to abolish the gold-coin, silver-coin standard that was called for in the Constitution and that was in existence for more than a century. So, how was it possible to replace the constitutional system of gold coins and silver coins with a paper-money system if there was never a constitutional amendment to accomplish this?” (11/21/22)