Posted on 05/13/2023 12:01:03 PM PDT by arthurus
Right now, the Fed’s gold certificate values gold at $42.22 an ounce. That’s obviously not anywhere near the market price of gold, which, again, is about $2,042 an ounce.
Now, the Treasury could issue the Fed a new gold certificate valuing the 8,000 tons of Treasury gold at $2,042 an ounce. They could take today’s market price of $2,042, subtract the official $42.22 price and multiply the difference by 8,000 tons.
(Excerpt) Read more at dailyreckoning.com ...
all this so you neoCONs could feed your blood lust in Ukraine.
That’s $511,943,680,000.00.
Half a trillion dollars.
Good for a pretty good party.
Just one weird trick will save us!
Not sure it’s inflationary at all. Half a trillion bucket against the need is about three months. But wouldn’t it be deflationary as this debt would be issued at a fair market value against a tangible. As our currency currently floats on the full faith and credit but is not pegged to a commodity, the fed can print money with zero collateral. That is inflationary. This would take 1/60th of our debt and drop it on a gold standard. That becomes quite a hard ceiling for that portion of the debt.
(2042-42.22)*8000 tons*2000 pounds per ton*16 ounces per pound=$511,943,680,000.00.
Ah....That's cute....the author believes the Treasure still has 8000 tons of gold in Ft.Knox.....
Obama stole that long ago, in his effort to undermine America.
Do an audit....Prove me wrong!
The amount sent to Ukraine is an accounting error relative to a $31T debt. Gimme a break. And I say that having zero dog in the fight as to if we should or shouldn’t be in Ukraine. Personally i believe Russian conquest is a bad thing for the west. But fighting a puppet war that consumes resources is likewise a lousy idea.
The issues are not as simple as your brief neocon blood lust slur conveys. Your interpretation of the fundamentals of commodity backed currency combine with a pretty obvious political statement puts your stance a little at odds with standard conservatism.
Anyone actually see that 8000 tons of gold lately? Maybe check
one of Joe Biden’s garages.
Aren’t weird tricks generally synonymous with increased schlong length? Asking. For a friend. 🤪
(2042-42.22)*8000 tons*2000 pounds per ton*16 ounces per pound=$511,943,680,000.00.
$$$$$$$$$$$$$$$$$$$$
Not to pick nits, and I may be wrong because I don’t know exactly how gold is measured, but isn’t there something about gold being measured in troy ounces (avoirdupois?), so there’s only 12 troy ounces to a pound?
Don’t forget to add in the cost of G W MORON’s neoCON war in Iraq and the cost to maintain global empire.
I kinda answered my own question:
“An avoirdupois ounce weighs 28.3495 grams, while a troy ounce weighs 31.1035 grams. It’s believed that this is a throwback to the historic importance of precious metals in trade markets, and merchants’ need to have a standard unit of weight for gold, silver, gemstones and the like.”
$$$$$$$$$$$$$$$$$$$$$$
Is not gold usually measured in troy ounces?
If I buy an ounce of gold from a dealer, am I getting an avoirdupois ounce or a troy ounce?
I only have a ton of gold, and no it has not been audited and no one has seen it, but can I get a secured loan?
I have a US $1 silver certificate from 1957.
It looks like a dollar bill, or should I say a dollar bill looks like it.
Paper certificates of federally held metal were once common.
Avoirdupois is 16 oz/lb. Precious metals are weighed in troy ounces.
A troy ounce is 31.1 grams
An AV ounce is 28.35 grams (rounded)
1 ton = 29166.67 troy ounces.
8000 tons = 233,333,360 troy ounces
233,333,360 troy ounces x $2,042/ozt =
$476,466,721,120
The magical minds of Joe Biden PLUS Sen. Fetterman will solve this.
Thx.
1 Troy Ounce = 1.097143 Ounces.
So maybe the party can be a little bigger.
Or last a little longer.
Wouldn’t you use “Troy ounces”?
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