2 ms·
You are absolutely correct when you say the money is not given to the government, but to third-party entities. The government can dictate terms to those entiti
by jes 11y ago
You are absolutely correct when you say the money is not given to the government, but to third-party entities.
The government can dictate terms to those entities, however, and they will comply.
For example, when the government made the ownership of gold illegal, they instructed the banks that it was illegal to open a customer's safe deposit box unless a federal officer was present. When the box was opened, any gold (save for certain kinds of coins) was confiscated and the owner of the gold was reimbursed for a fraction of its value.
- delecti 11y agoIt's not true that the government sized privately owned gold in that manner [1]. Additionally, when the government made the private ownership of gold illegal, they bought back gold from people at $20.67/troy oz, which is about what the price was at the time [2]. I think your concerns about the security of retirement accounts is unfounded. [1] https://en.wikipedia.org/wiki/Executive_Order_6102#Hoax_of_safe_deposit_box_seizures https://en.wikipedia.org/wiki/Executive_Order_6102#Hoax_of_s... [2] https://upload.wikimedia.org/wikipedia/commons/f/ff/Gold-nominal-constant-usd.svg https://upload.wikimedia.org/wikipedia/commons/f/ff/Gold-nom...
- jes 11y agoYou are dropping important context. See also [1]. https://en.wikisource.org/wiki/Executive_Order_6260 https://en.wikisource.org/wiki/Executive_Order_6260