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America’s Cyprus

While people around the world may be appalled at the actions of the Cyprus government to close their banks and confiscate a portion of certain accounts, many in America claim it “will not happen here.” Perhaps they are correct for at least the immediate future, but far worse was done to Americans in 1933 and it could happen again.

On April 5, 1933, approximately one month after first taking office, Franklin D. Roosevelt commanded, via Executive Order No. 6102, “All persons are hereby required to deliver on or before May 1, 1933, to a Federal reserve bank … all gold coin, gold bullion and gold certificates now owned by them or coming into their ownership on or before April 28, 1933[.]”

By his executive order Roosevelt deprived Americans of their property “without due process of law” under the Fifth Amendment. To add injury to insult, he also ordered up to a $10,000 fine or ten years in prison or both for anyone who willfully violated any provision of his executive order.

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