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Private ownership of (large quantitities of) gold was actually illegal for a few decades in the US. This is separate from transitioning to fiat currency. https
by lmkg 6y ago
Private ownership of (large quantitities of) gold was actually illegal for a few decades in the US. This is separate from transitioning to fiat currency.
https://en.wikipedia.org/wiki/Executive_Order_6102 https://en.wikipedia.org/wiki/Executive_Order_6102
- kube-system 6y agoAh, I knew about that, but it totally slipped my mind. Regardless, there were loopholes, like jewelry. Maybe a bitcoin ban would just mean art like NFTs become suddenly popular.
- kipchak 6y agoThe loophole gold did lose quite a bit of it's value as a result though, looking at a CPI adjusted price chart gold went from a high of $692 an ounce in 1934 to a low of $246 in 1970 culminating in the end of the gold standard, and then to $2200 by 1980 following repeals.
- simonh 6y agoHence the plot of Goldfinger which otherwise, and without an appreciation of the psychological importance of the gold standard, doesn't make a lot of sense to a modern audience. The premise seemed quaint even to me as a teenager in the 80s.