Wednesday, September 1, 2010

Where's the Gold?

Why Shouldn't the Ft. Knox Gold Hoard Be Audited?      
    The little guy from Texas who understands the money problem better than most of his peers in Congress, may call for a peek into Fort Knox.  “If we ever get around to deciding we should use gold in relationship to our currency we ought to know how much is there,” said Rep. Ron Paul. “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?” 
   The Treasury Department says the gold (147.3 million ounces) is there, although it hasn't officially been looked at since the Eisenhower administration.  What harm can be done by officially confirming the Treasury's report?  It would ease people's minds, eliminate all the rumors of thievery, and justify the running expense of protecting the vault with 'round the clock military guards, tanks, and helicopters.  
   We should also force the Federal Reserve to allow inspection of its gold hoard in New York. If some wheeling and dealing has caused ownership of U.S. gold to flow into other hands, the people deserve to know it.   The Fed, after all, is a creation of Congress and Congress still holds the power to eliminate the bank. 
   The people own Fort Knox.  Congress is the official representative body of the people.  If the people want to know if 147.3 million ounces of their gold is in place  there's no reason to drag out the question.   Congress merely has to appoint some inspectors and tell them to take a look.  Stalling only raises more questions.
 Spotted this tidbit on Wrisley.com. Do we really believe all that gold is still there? Maybe Goldfinger's plot succeeded or maybe there's some other reason the Feds don't feel comfortable with an audit - a real audit which would determine the net worth of all remaining gold in the government hoard.

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