[camle]

BOA is a private entity. are you suggesting that we confiscate private assets to service public debt?
and how do you propose to raise the price of gold? by fiat?

[DTA]

>>>>>BOA is a private entity. are you suggesting that we confiscate private assets to service public debt? and how do you propose to raise the price of gold? by fiat?<<<<<

No. BOA's "assets" are worth MINUS $50T. There is nothing to confiscate.

But if it pops...it will be heard all the way to China.

As of price of gold, think this way. How many ounces U.S. Government holds? How much money U.S. Government owes to foreign creditors? If creditors accept gold, and all debt is to be paid with the available gold, how much would one ounce have to cost in order to settle all debt? ($22,000/ounce)

Worldwide, there is approx. 6 billion ounces of gold above Earth. That's it. Less than $12T at current prices. And there are trillions of dollars worthless "assets" worldwide. Much of it iz Ponzi scheme capital. Much of it will go in a big poof, but hard to predict how much of solid money will remain on books.

When other countries were in such dire situation, they slashed zeros from their bank notes. This could happen to U.S. (e.g. 1 New Washington for 1 old Franklin)