makes the suggestion by Rickards that the Fed could mark its gold to market less plausible.
http://www.shtfplan.com/precious-metals/federal-reserve-admits-we-have-no-gold_06062011
The Fed Owns No Gold
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Re: The Fed Owns No Gold
by shinnosuke » Mon Jun 06, 2011 5:00 pm
Nothing better than Dr. Paul schooling the lawyers. Just wish his hearings got more coverage than Weiner's weinerschnitzel.
When in the Course of human events it becomes necessary for one people to dissolve the political bands which have connected them with another and to assume among the powers of the earth, the separate and equal station to which the Laws of Nature and of Nature's God entitle them... (Thomas Jefferson)
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Re: The Fed Owns No Gold
by Sheikh_yer_Bu'Tay » Tue Jun 07, 2011 6:33 am
This is a revelation to me. For years I have heard people say that all American gold went to the Federal Reserve to pay interest on all the FRN's we borrow from the Fed. Well, well. Now we know the truth. Now this brings a follow up question: IF we default on US debt obligations, what recourse does the Federal Reserve have to collect on interest owed for our using the FRN's as currency???
Why do we need these people??? WE the People have always had the power to print Treasury Bills (red seal bills) and we could use them in lieu of FRN's and avoid owing interest on debt!
In other words, we can print our own worthless scraps of paper easier than we can by borrowing someone else's worthless scraps!
Thanks, Lemon Thrower. Good post!
Why do we need these people??? WE the People have always had the power to print Treasury Bills (red seal bills) and we could use them in lieu of FRN's and avoid owing interest on debt!
In other words, we can print our own worthless scraps of paper easier than we can by borrowing someone else's worthless scraps!
Thanks, Lemon Thrower. Good post!
When I die, I want to go like Grandpa did. He died in his sleep..... Not screaming and hollering like all the passengers in his car.
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Sheikh_yer_Bu'Tay - Super Post Hoarder
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Re: The Fed Owns No Gold
by Sheikh_yer_Bu'Tay » Tue Jun 07, 2011 6:33 am
shinnosuke wrote:Nothing better than Dr. Paul schooling the lawyers. Just wish his hearings got more coverage than Weiner's weinerschnitzel.
When I die, I want to go like Grandpa did. He died in his sleep..... Not screaming and hollering like all the passengers in his car.
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Sheikh_yer_Bu'Tay - Super Post Hoarder
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- Joined: Sun Jun 27, 2010 10:00 am
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