Speaking of terrorist plots to blow up the NY Fed.
According to the government, 25% of the entire global supply of gold, approximately $355 billion, is buried six stories below ground, underneath the Federal Reserve Bank of New York building at 33 Liberty Street in downtown Manhattan. The same Federal Reserve Bank that was targeted by an alleged Al-Qaeda linked terrorist with a fake 1,000-pound bomb. Of course, until we audit the Fed, all claims of fortressed gold are just heresay. You can book a tour to see the bars for yourself. But in that case, seeing might be disbelieving.
"The closest thing to a real audit was last performed in 1953, but even that one had major problems. First, there were no independent outside parties involved, and second, only 5% of the gold was tested for purity."
For the nearly 60 years since then, the reserves have been held under tight control by a group of men closely connected to the Wall St. banks. Zero oversight by the American people or their elected representatives has been permitted. Last year, as part of their coverage of Ron Paul’s inquiry into the gold reserves, CNBC was denied the opportunity to even film any of the gold in Fort Knox. They were told that it was a “closed facility.” One staff member even said that he was not aware of any member of congress having toured the facility since 1974.
According to a treasury document, a full audit of the gold would take 30 minutes per bar for a total of 350,000 man hours, or 400 men working for 6 months. Total cost would be $15 million. Sounds like a bargain.
That is stimulus spending we can agree with.
UPDATE - Uncle Sam audits its stash of gold at the New York Fed...
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