According to the U.S. Treasury Department, the U.S. government has the authority to prohibit the private possession of gold and silver coin and bullion by U.S. citizens during wartime, and, during emergencies, to freeze their ownership of shares of mining companies, the Treasury Department has told the Gold Anti-Trust Action Committee ("U.S. Asserts Power to Seize Private Gold, Silver," newsmax.com, Aug. 23).
This authority came about from the Trading With the Enemy Act, which became law in 1917 during World War I and applies during declared wars, and from 1977's International Emergency Economic Powers Act, which can be declared without wars. Hoarding by U.S. citizens is prohibited but not defined.
There is more to this story, but briefly summed: our government can, under existing laws, confiscate the entire inventory of paper money, stock, bonds, gold and silver coins and bullion wealth held by U.S. citizens without recourse.
You might want to contact your representatives and senators about terminating this obscene law.
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