FDR’s Critique of Bankers:

• Inaugural Address: Roosevelt blamed “money changers” for the Great Depression, labeling their practices unjust.

Banking and Gold Policies:

• Bank Holiday (1933): FDR closed all banks temporarily to stabilize the financial system.
• Gold Confiscation: Citizens were required to surrender gold bullion and coins, with exceptions for rare coins. Non-compliance led to harsh penalties.
• Fort Knox: Built in 1937 to store confiscated gold.
• Gold Price Set: Officially set at $35 per ounce in 1935, favoring foreign sellers profiting from government buybacks.

World War II Economic Effects:

• Debt Surge: WWII spending drastically increased U.S. debt, exceeding even WWI expenditures.
• Economic Realignment: The post-war era polarized economies into capitalist and communist systems, fueling an arms race and centralizing global economic power.

Fort Knox Controversy:

• Audit Issues: Reliable audits of Fort Knox gold have not been conducted since the Eisenhower era, sparking claims of mismanagement or gold depletion.
• Market Manipulation: Central banks and the IMF control much of the global gold supply, influencing its value and availability.

The clip portrays FDR’s policies as part of a broader financial restructuring, highlighting unresolved questions about the fate of U.S. gold reserves and the growing power of central banks.

• Summary and video here: “25. FDR/WWII {13:00 minutes}”
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