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Fort Knox Receives Just $85 From Cash4Gold, Ron Paul 'Not Surprised,' Calls For Audit (ONION)

Audio:  Onion Radio Network

As long as we're on the subject.  Did you see yesterday that Ron Paul announced his intentions to introduce a bill to audit the amount of gold in Fort Knox and at the New York Fed.  No joke.  More detail inside.


The true part of this story is Ron Paul's call for an audit of Fort Knox:

Paul dropped the news in the interview, indicating that the bill still does not have an official name yet but will be unveiled at the start of the new U.S. Congress.

“If there was no question, you'd think they would be very anxious to prove to us that the gold is there,” he said.

This is not the first time the congressman has made his pitch. “In the early 1980s when I was on the gold commission, I asked them to recommend to the Congress that they audit the gold reserves – we had 17 members of the commission and 15 voted not to the audit,” said Paul. “I think there was only one decent audit done 50 years ago,” he said.  

Though Paul did not say whether there is any truth to claims that there is no gold in Fort Knox or the New York Federal Reserve, he said, “I think it is a possibility.”

“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 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?” he said.  

The gold audit follows his crusade last year looking to audit the Federal Reserve, which he says is the chief culprit behind the economic crisis.

“I don’t think the Federal Reserve should exist – it would be best for congress to exert their responsibilities and that is find out what they are doing”' said Paul.  "It is an ominous amount of power they have to create money out of thin air and being the reserve currency of the world and be able to finance runaway spending whether it is for welfare or warfare; it seems so strange that we have been so complacent not to even look at the books.  If we knew exactly what they were doing, who they were taking care of, there would be a growing momentum to reassess the whole system,” he told Kitco News.





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Reader Comments (5)

Aug 31, 2010 at 10:46 PM | Registered CommenterDailyBail
Sep 1, 2010 at 3:53 PM | Registered CommenterDailyBail
The Fed holds gold certificates, claims upon the Treasury who is custodian of account. The Fed holds no physical gold.

I would be surprised if we have (in NY, Denver and Ft. Knox combined) the 8135 tons we are "officially" reporting. But I think, just like the fraudulent (notional accounting of) paper derivatives - of which the dollar is the 1st and original (money as debt is a "derivative" of money as wealth) there is much fantasy in the accounting of world gold reserves.

America has far less than it claims, the Middle East and China have far more. Gold and oil flow in opposite directions. All the cheap oil upon which advanced economies are completely dependent has been made possible with gold forwards at the production cost--to keep it there means massive amounts of gold flowing behind the LBMA's paper curtain.

Now that central banks no longer support LBMA, and are increasinglkly net physical buyers, AND HOLDERS there is increasing interest in squaring up that accounting. Soon there will be a burning, YEARNING desire to true up that accounting, and that is what will make it happen.

But you won't like the outcome.
Jul 1, 2011 at 3:53 PM | Unregistered CommenterWil Martindale
Fed counsel Scott Alvarez testified before Ron Paul's subcommittee June 1, 2011 that the Fed" owns no gold." After 1934, Alvarez explained, the Fed handed its gold over to the Treasury in exchange for gold certificates.
This begs the question: How is it that the rest of the nation was forced to turn its gold over to the Treasury for $20.67 in now- unredeemable fiat money per ounce (which the government immediately repegged to $35 to he ounce for everyone but Americans, creating an instant, massive new "money" supply) while the Fed, a private corporation, got "gold certificates" for theirs? FDR slandered the American public when he cited "hoarding" as justification for confiscation in 1933; after all, Americans were PAID IN GOLD, and accepted the same sort of "gold certificates" (i.e. non-fiat dollars) as receipts for their ownership, redeemable for real gold, at will. So how is it the Fed keeps receipts for gold, which are most presumably callable for the real thing when the rest of us were not? Ron Paul should have followed up.
Jul 3, 2011 at 8:28 AM | Unregistered CommenterRobert

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