Frederic Delano (FDR's uncle) was on the first board for the Federal Reserve (created in 1913), which promised to back each $1 Federal Reserve Note that it issued with 40 cents of gold.
20 years later in 1933, his nephew, President Franklin Delano Roosevelt (FDR), made Federal Reserve Notes no longer exchangeable for gold and also confiscated every citizen’s gold over the $100 maximum amount allowed.
Like I said, I appreciate this new shift in your tone. Good observation. I'll even chime in by adding that Henry Morgenthau, the only Jew who was ever a heartbeat from the presidency, was the architect of all Roosevelt's monetary policy. The two of course also relied on Wilson's second soul, the retired Edward House.
Frederic Delano (FDR's uncle) was on the first board for the Federal Reserve (created in 1913), which promised to back each $1 Federal Reserve Note that it issued with 40 cents of gold. 20 years later in 1933, his nephew, President Franklin Delano Roosevelt (FDR), made Federal Reserve Notes no longer exchangeable for gold and also confiscated every citizen’s gold over the $100 maximum amount allowed.
How convenient. Bait and switch at its best.
Like I said, I appreciate this new shift in your tone. Good observation. I'll even chime in by adding that Henry Morgenthau, the only Jew who was ever a heartbeat from the presidency, was the architect of all Roosevelt's monetary policy. The two of course also relied on Wilson's second soul, the retired Edward House.