I gave him cancer, just to shut him up.
Posted on 01/29/2008 3:56:47 AM PST by Man50D
U.S. central banks may have less than half the gold they claim to possess in their vaults, charges a watchdog group in an ad scheduled for publication in the Wall Street Journal this week.
As WND reported, the Gold Anti-Trust Action Committee, or GATA, claims the Federal Reserve and the U.S. Treasury are surreptitiously manipulating the country's gold reserves by participating in undisclosed leases, according to an advance copy WND obtained of the ad running in Thursday's edition of the Journal.
GATA believes much of the borrowed gold out on lease will never be returned to the central banks.
"With the demand for gold so strong worldwide, it has become impossible to return much of the leased gold without driving the price to the moon," said GATA's chairman, William J. Murphy III.
"Most observers calculate central bank reserves are supposed to have about 30,000 tons of gold worldwide in their vaults, but we believe the amount of gold actually there may be more like 15,000 tons," Murphy said. "The rest of the gold is gone."
The U.S. Treasury denies the claim, insisting the stock is accounted for regularly.
"We want to expose and stop the manipulation of the gold market by the United States Treasury and Federal Reserve right now," Murphy said.
"The purpose of this ad is to wake people up in the investment world as to what is going on behind the scenes in the U.S. gold and financial markets," Murphy told WND.
He explained GATA has decided to pay the Wall Street Journal $264,000 for a one-time placement of the full page ad in the national edition because the financial press has not covered the story.
(Excerpt) Read more at worldnetdaily.com ...
Why is this a problem? Print more money.
I wonder if there is a pile of paper IOUs there instead of gold.
Or bogus gold “lease agreements” for physical gold that is long gone, melted down to rings and never to return.
Travis, see my previous post on this. Sometime back in the early 70s or so (not sure of the exact year) there were rumors going around all over the place that there was no gold in Fort Knox. The government made a big production of letting a camera crew in to shoot some of the piles of gold bars and stuff, then made a big proclamation of "see folx it's all here!"
Problem is, they didn't tell you who owned the gold you were seeing. There is gold at Fort Knox. It just isn't ours.
He's out on bail right now and is probably at the roulette wheels in Monaco tipping the employees with gold bars.
Leni
To wit:
“Could you loan me $10, but only give me $5? That way I owe you $5 and you ow me $5, so we’re even!”
A sobering thought.
Russo made his first run for political office in 1998, when he ran in the Republican party primary for the governor of Nevada. He came in second in the primary, winning 25.9% of the vote in a four-way race. * * * Russo then joined the Libertarian Party in 1999, saying it was his "true political home." In 2000, he delivered a fiery speech at the Libertarian National Convention, calling Libertarians the "last, best hope for freedom in America." Russo subsequently planned to run for governor in 2002 as a Libertarian, but he was temporarily sidelined by cancer. Source
Russo died of cancer in August of last year.
Your timing is poor. You should have shorted the dollar a couple of years ago.
I gave him cancer, just to shut him up.
Carrying All That Credit Card debt Got You Down? Mortgage payment too high? Does that new car payment got you over a barrel? There is a quick and easy answer:
Depends on how much you leverage, and where you place your stops.
You should learn about the Forex market. You can day trade with some degree of success.
If you believe that a global system of unbacked floating fiat currencies will last forever.
OTOH, after a fiat currency crash, the world might wind up with a system requiring some form of gold backing. In that case, the gold in Ft Knox might be seen as a form of insurance.
If you disagree, just point out one single case in recorded history where unbacked fiat regimes did not crash and burn to zero.
I’ll settle for physical possession. Push comes to shove, it belongs to Uncle Sam.
I don’t think there is really any monetary system that uses the gold standard today. There is not enough gold in the entire world to support the amount of dollars that have already been issued.
That would depend on what gold is really worth, as compared to an increasingly worthless paper dollar.
“I’ve handled gold and can tell you you ain’t runnin’ nowhere with it.”
You aren’t kidding. I had the occasion to work with a shoebox sized package of gold. And far from running with it, we had trouble even moving it.
I a few times handled gold as an aircraft loader at JFK. On one occasion I pushed a steel packaged bar of gold (much smaller than a shoebox) onto a conveyor belt to a couple of gents waiting for it. It was funny watching this large fellow grabbing it with two hands to carry it away like it was a stack of bricks.
You’re a bit mistaken. Far from being a defender of the gold dollar, Lincoln was the initiator of a large quantity of fiat money with his Greenback issue. The coining of money has never left the Mint; there is no private issuance of coin. The ‘U.S. Notes’ that comprise the Kennedy part of your tale are nothing more than the echo of Lincoln’s Greenback issuance of 1863. They were finally retired after Johnson ended Silver Certificates.
Yes. The stuff is incredibly heavy. We are among the few who smile in disbelief at movies when a box of gold gets carried off.
You’re mistaken. Money is created by private banks called “The Federal Reserve System”, not our government. That’s my point and it is true.
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