10 years ago there was a big shock worldwide. The Argentine government imposed the “Corralito“, a mesure to almost completely freeze bank accounts and forbide withdrawals from U.S. dollar-denominated accounts.
The dollar was the natural refugee of the argentine’s savings, dissolved by years and years of devaluations and constant inflation.
But there is nothing new under the sun. The United States also had its own “Corralito” for gold in 1933. Here is the proof.
“In the absence of the gold standard, there is no way to protect savings from confiscation through inflation. … This is the shabby secret of the welfare statists’ tirades against gold. Deficit spending is simply a scheme for the confiscation of wealth. Gold stands in the way of this insidious process. It stands as a protector of property rights. If one grasps this, one has no difficulty in understanding the statists’ antagonism toward the gold standard.”
Alan Greenspan ( “Gold and Economic Freedom“, 1966, when he was a decent chap)