Franklin Roosevelt infamously outlawed gold ownership in 1933, and the U.S. Mint halted production of the iconic US Mint coins for sale. Wise people ignored the official assurances that the new dollars would carry the same stable value and hid the gold bullion coins away.

Irredeemable paper dollars became the standard, and a new era of perpetual inflation began. Just look at what has happened to the dollar's purchasing power since Roosevelt made his proclamation and ordered the Treasury to stop redeeming dollars for gold:



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