Friday, January 26, 2018

The Gold Standard on Jeopardy



Tom Dilorenzo reports:
“The Gold Standard” was a category of questions on “Jeopardy” last night. The questions involved knowing what “fiat” money is, how the gold standard stifles inflation, and FDR’s thieving confiscation of privately-owned gold in the 1930s. (Citizens had to give up almost all their gold to the government at about $21/ounce or face a $10,000 fine and ten years in prison. The government then sold the gold for $35/ounce for a tidy profit).

8 comments:

  1. I've always wondered how much gold was not given to the government at that time. Probably no way to know, though.

    ReplyDelete
  2. Lewis Douglas, FDR’s own budget director and key economic advisor on fearing of the gold confiscation declared, “This is the end of western civilization.”
    How right he was.

    ReplyDelete
  3. Lewis Douglas, FDR’s own budget director and key economic advisor hearing of the confiscation declared “This is the end of western civilization.”
    How right he was.

    ReplyDelete
  4. Lewis Douglas, FDR’s own budget director and key economic advisor on hearing of the confiscation declared, “This is the end of western civilization.”
    How right he was.

    ReplyDelete
  5. Sorry for the duplicate posts. Here's another gem.
    When in 1933, FDR confiscated the people’s gold, Senator Thomas Gore said, “Why that’s just plain stealing, isn’t it Mr. President?”

    ReplyDelete
    Replies
    1. No need to apologize. Since it is just digits, didn’t cost much. Now, if you had to physically print and mail to all of us, it would have cost you something real, like gold.

      Delete
  6. Prof. DiLorenzo is being funny. The Jeopardy questions do not involve knowing anything about gold. They are more like “Tom Brady is considered the gold standard of this”.

    What are quarterbacks?

    https://tinyurl.com/y9u266ld

    What is a chief of staff?

    ReplyDelete