Thread: No Trial, No Conviction: FBI Steals Millions of Dollars Wort

Originally Posted by Rockfish

Originally Posted by GREGAGREATAMERICAN

Originally Posted by minnie

Everything is interconected with fiat money . The issuing of Treasury Notes with nothing to back them other then thin air .

Myth

If it's a myth, where's all of the gold that used to be at Ft. Knox?

Still in fort Knox




Amount of present gold holdings: 147.3 million ounces.
The only gold removed has been very small quantities used to test the purity of gold during regularly scheduled audits. Except for these samples, no gold has been transferred to or from the Depository for many years.
The gold is held as an asset of the United States at book value of the current excange rate per ounce.

Originally Posted by GREGAGREATAMERICAN

Originally Posted by Rockfish

Originally Posted by GREGAGREATAMERICAN

Originally Posted by minnie

Everything is interconected with fiat money . The issuing of Treasury Notes with nothing to back them other then thin air .

Myth

If it's a myth, where's all of the gold that used to be at Ft. Knox?

Still in fort Knox




Amount of present gold holdings: 147.3 million ounces.
The only gold removed has been very small quantities used to test the purity of gold during regularly scheduled audits. Except for these samples, no gold has been transferred to or from the Depository for many years.
The gold is held as an asset of the United States at book value of the current excange rate per ounce.

What "strings" are attached to the definition of "United States"? What stake does an average American have in that asset?

Originally Posted by GREGAGREATAMERICAN

Originally Posted by Rockfish

Originally Posted by GREGAGREATAMERICAN

Originally Posted by minnie

Everything is interconected with fiat money . The issuing of Treasury Notes with nothing to back them other then thin air .

Myth

If it's a myth, where's all of the gold that used to be at Ft. Knox?

Still in fort Knox. Amount of present gold holdings: 147.3 million ounces.
The only gold removed has been very small quantities used to test the purity of gold during regularly scheduled audits. Except for these samples, no gold has been transferred to or from the Depository for many years. The gold is held as an asset of the United States at book value of the current excange rate per ounce.

147.3 mil ounces X $875 an ounce = $128,887,500,000. So, out of a multi-trillion dollar currency circulation, there's only 128.8875 billion backed up by gold? All of the other billions (and there's alot of billions there) are backed up by air..that's my take. If all of our currency added up to 5 trillion dollars (off the top of my head, but we have a hell of a lot more in circulation than 128 billion), all backed by gold, then an ounce of gold would be worth $33,944.33. Since that's not the price of gold, it would be safe to assume that only about 2.5% of our currency is backed by gold. Am I missing something here, or has the fed been printing money out of thin air and loaning it to our country with interest?

You aren't missing anything, Rockfish. The money is backed by "the full faith and credit of the United States". In other words, nothing but the people's willingness to use it.

And speaking of AUDITS, why don't we have one of the folks who've developed this system of 'fiat money', the Federal Reserve??

It is a creature of Congress and yet Congress has NO OVERSIGHT?!?!? I'm sure a complete accounting will have citizens ready to storm DC and hang somebody!