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ROCKOLLECTIONS: MUSIC FOR MONEY & THE FINANCIAL CRISIS PT.6

I am dedicating almost this entire episode to Gold.
It seems that when people lose confidence in their paper currency they turn to it.
While I can understand that, the problem with buying Gold is that it does nothing to help the economy, except for the seller.
People hoard it, an unproductive asset- while even leaving your cash in the bank spurs economic activity, as banks lend against your deposit.
But it is an ancient store of value, and at over $1200 an ounce a tempting one.
There are quite a few songs about Gold, and I just touched the surface here.
In fact, I wanted to play Midas Man by Renaissance, but time constraints worked against it.
Presumably you know that story- everything King Midas touched turned to Gold.
But as a morality tale, that seeming blessing turned into a curse.
So if you know the song, play it in your head, lol!
However I was able to play a related song by the Hollies that should have your memory in overdrive upon hearing it.
One of those forgotten gems from the FM 60’s!
And here’s something you may not have known. I didn’t.
In 1933, during the Depression and soon after Franklin Roosevelt became President, he confiscated almost all privately owned gold, including gold coins.
If you did not turn in your gold, you were subject to jail time- up to 10 years!
Roosevelt did this without Congressional approval, simply issuing an Executive Order.
Without question his actions were unconstitutional, and hey, those Executive Orders…sound familiar?
The next-to-last song in this chapter makes me laugh, and I chose it deliberately as it pertains to my own lack of Money OR Gold.
And here I am trying to warn you as if I were some financial genius, lol!
But I am attempting to do just that, as I believe some real hard times are coming.
Ending the show with a Beatle song…but not by the Beatles.
We’ll wrap things up next week, and I have two separate endings planned.
I hope you join me for the final two parts.

Mike

Tags: 1933, Executive Order, Franklin Roosevelt, Gold, King Midas, Midas Man, President, Renaissance, The Beatles, The Depression, The FM 60's, The Hollies