Rep. Ron Paul (R-Texas) said he plans to introduce legislation next year to force an audit of U.S. holdings of gold. Paul, a longtime critic of the Federal Reserve and U.S. monetary policy, said he believes it’s “a possibility” that there might not actually be any gold in the vaults of Fort Knox or the New York Federal Reserve bank.
The libertarian lawmaker told Kitco News, a website tracking news about precious metals, that an audit was necessary to determine how much the U.S. maintains in gold reserves in case the government were to use gold to back the dollar.
“If there was no question about the gold being there, you think they would be anxious to prove gold is there,” he said.
“Our Federal Reserve admits to nothing, and they should prove all the gold is there. There is a reason to be suspicious and even if you are not suspicious why wouldn’t you have an audit?
“I think it is a possibility,” Paul said when asked if there was truth to rumors that there was actually no gold at Ft. Knox or the New York Fed.
We don’t have enough gold to cover what is borrowed so what difference does it make?
Yeah, I suppose somebody does need to an audit once in a great while.
If it is not important to have a gold standard….then why does the USA even have a gold reserve???
They need an old-fashioned inventory! Businesses do this periodically.
#42 – Rick Cain,
If it is not important to have a gold standard….then why does the USA even have a gold reserve???
Good question. I have no idea.
because the price of Gold is comparable to the price of oil..
Ron Paul is probably right. Most of the gold in Fort Knox was necessary when the U.S. was on the gold standard. That ended under Nixon in 1971. Since then, it seems that virtually no one speaks of what is actually in Fort Knox.
When I was a kid, movies like Goldfinger glamorized Fort Knox. Everyone knew it was full of gold and it was widely known and discussed often.
Since 1971, there has been less and less mention of Fort Knox. Today’s kids, those under 25 years old, probably don’t even know what Fort Knox is. Why is that? It was of supreme national importance in the 60′s. So why would trillions of dollars of gold in Fort Knox not be discussed by the government or the media for the last twenty to thirty years when we are running gargantuan deficits? Because it is highly likely that all the gold has been spent to pay down the debt to the Federal Reserve. A debt that should never have been allowed to happen.
Go to YouTube and search for “The Money Masters” and watch through the 3+ hours of this very historical and enlightening documentary. It explains it all, the origins of money, the origin of banks, the origin of the world’s central banks, the nature of fractional reserve banking, the Great Depression, FDR’s confiscation of all privately owned gold, the origin of Fort Knox, the gold standard, Nixon’s elimination of the gold standard, why money always decreases in value, EVERYTHING. It is long but worth the watch if you want to truly understand what is happening to us and the world.
For those that can get past the narrator’s waggling of his pen at the camera, it is highly educational. This is not taught in any school.