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Thread: Ron Paul worries Fort Knox gold is gone

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    Re: Ron Paul worries Fort Knox gold is gone

    I was just reading last month that in the same national address (1974?) in which he imposed wage/price controls, Nixon said the US dollar would no longer be backed by gold. It seems that the week before this, a British bank had demanded that $4 billion it held in US currency be converted to gold.

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    Re: Ron Paul worries Fort Knox gold is gone

    Quote Originally Posted by Tashah View Post
    I was just reading last month that in the same national address (1974?) in which he imposed wage/price controls, Nixon said the US dollar would no longer be backed by gold. It seems that the week before this, a British bank had demanded that $4 billion it held in US currency be converted to gold.
    Are you sure it was a the british?

    I thought it was the french who caused the US to leave the gold standard
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    Re: Ron Paul worries Fort Knox gold is gone

    Quote Originally Posted by Lord Tammerlain View Post
    Are you sure it was a the british?

    I thought it was the french who caused the US to leave the gold standard
    I'm fairly sure the author specified a British bank. But no, I'm not positive. That was about a month or so ago and it was just one tidbit in a rather lengthy (and dry) book about the history of energy in the United States.

    My apologies if my memory is faulty on this.

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    Re: Ron Paul worries Fort Knox gold is gone

    Quote Originally Posted by phattonez View Post
    You're fine with the government participating in fraud and call those who speak out against that fraud insane?
    HyperPartisan hacks do that ya know.

    While even I think Ron Paul is a bit off kilter, he's on the subcommittee, if he has some evidence (he should produce it to bolster his cause) then his call is most justified. If his evidence is something from alexjones...
    Climate, changes. It takes a particularly uneducated population to buy into the idea that it's their fault climate is changing and further political solutions can fix it.



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    Re: Ron Paul worries Fort Knox gold is gone

    So, what if the gold is gone? It's not like we actually use it for anything. It doesn't back up the dollar. It's just kinda sitting there. We should sell it or something. Maybe we can make some progress on the national debt that way.
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    Re: Ron Paul worries Fort Knox gold is gone

    Quote Originally Posted by Paschendale View Post
    So, what if the gold is gone? It's not like we actually use it for anything. It doesn't back up the dollar. It's just kinda sitting there. We should sell it or something. Maybe we can make some progress on the national debt that way.
    Ron Paul would likely be fine with selling it. but before selling it, lets find out for sure how much we have to sell.

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    Re: Ron Paul worries Fort Knox gold is gone

    Quote Originally Posted by ARealConservative View Post
    Ron Paul would likely be fine with selling it. but before selling it, lets find out for sure how much we have to sell.
    We know how much we have. Paul just thinks, with no evidence I can see, that it is possible, maybe, that it is not all there. It is conspiracy nonsense about 2 of Paul's favorite topics, gold and the Fed.
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    Re: Ron Paul worries Fort Knox gold is gone

    During the hearing, Paul suggested that the Federal Reserve of New York, which has 5% of the U.S. gold reserves, has the ability to secretly sell or swap gold with other countries without anyone knowing.
    Curious, does anyone know if Ron Paul ever sighted the law that he alleges grants the Federal Reserve of NY to do what he says they're able to do without notifying anyone about it?

    EDIT

    Nevermind...Thanks, Lechean.

    Federal Reserve Act, Section 14

    Open Market Operations

    Purchase and Sale of Cable Transfers, Bank Acceptances and Bills of Exchange


    Any Federal reserve bank may, under rules and regulations prescribed by the Board of Governors of the Federal Reserve System, purchase and sell in the open market, at home or abroad, either from or to domestic or foreign banks, firms, corporations, or individuals, cable transfers and bankers' acceptances and bills of exchange of the kinds and maturities by this Act made eligible for rediscount, with or without the indorsement of a member bank.

    Dealings in, and Loans on, Gold

    Every Federal reserve bank shall have power:


    (a) To deal in gold coin and bullion at home or abroad, to make loans thereon, exchange Federal reserve notes for gold, gold coin, or gold certificates, and to contract for loans of gold coin or bullion, giving therefor, when necessary, acceptable security, including the hypothecation of United States bonds or other securities which Federal reserve banks are authorized to hold;
    But notice there's nothing in the above stated section that outlines the rules bywhich the federal government will audit the banking system. The above section merely states that a Federal Reserve Bank can conduct financial transactions with other banks, foreign or domestic, without notifying a member bank. Did say anything about not reporting their actions to the Federal Government (Treasury). For that, you have to read:

    Section 2B. Appearances Before and Reports to the Congress

    (a) Appearances before the Congress

    1. The Chairman of the Board shall appear before the Congress at semi-annual hearings, as specified in paragraph (2), regarding:

    A. the efforts, activities, objectives and plans of the Board and the Federal Open Market Committee with respect to the conduct of monetary policy; and
    B. economic developments and prospects for the future described in the report required in subsection (b).

    2. The Chairman of the Board shall appear

    A. before the Committee on Banking and Financial Services of the House of Representatives on or about February 20 of even numbered calendar years and on or about July 20 of odd numbered calendar years;
    B. before the Committee on Banking, Housing, and Urban Affairs of the Senate on or about July 20 of even numbered calendar years and on or about February 20 of odd numbered calendar years; and
    C. before either Committee referred to in subparagraph (A) or (B), upon request, following the scheduled appearance of the Chairman before the other Committee under subparagraph (A) or (B).

    [12 USC 225b. As added by act of Dec. 27, 2000 (114 Stat. 3028).]

    (b) Congressional report. The Board shall, concurrent with each semi-annual hearing required by this section, submit a written report to the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Banking and Financial Services of the House of Representatives, containing a discussion of the conduct of monetary policy and economic developments and prospects for the future, taking into account past and prospective developments in employment, unemployment, production,investment, real income, productivity, exchange rates, international trade and payments, and prices.

    [12 USC 225b. As added by act of Dec. 27, 2000 (114 Stat. 3028).]

    (c) Public access to information. The Board shall place on its home Internet website, a link entitled `Audit', which shall link to a webpage that shall serve as a repository of information made available to the public for a reasonable period of time, not less than 6 months following the date of release of the relevant information, including--

    1. the reports prepared by the Comptroller General under section 714 of title 31, United States Code;
    2. the annual financial statements prepared by an independent auditor for the Board in accordance with section 11B;
    3. the reports to the Committee on Banking, Housing, and Urban Affairs of the Senate required under section 13(3) (relating to emergency lending authority); and
    4. such other information as the Board reasonably believes is necessary or helpful to the public in understanding the accounting, financial reporting, and internal controls of the Board and the Federal reserve banks.
    Last edited by Objective Voice; 06-26-11 at 04:38 PM.

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    Re: Ron Paul worries Fort Knox gold is gone

    You can also go to the Federal Reserve's website, click on the "Related Websites" link and find the audit reports among the other websites listed there.

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    Re: Ron Paul worries Fort Knox gold is gone

    Damnit Paul, stop being stupid...




    Didn't you watch Die Hard With a Vengence? Fort Knox? Ha! It's for tourists.

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