The Fed Owns No Gold
Posted:
Mon Jun 06, 2011 3:52 pmby Lemon Thrower
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
Re: The Fed Owns No Gold
Posted:
Mon Jun 06, 2011 5:00 pmby shinnosuke
Nothing better than Dr. Paul schooling the lawyers. Just wish his hearings got more coverage than Weiner's weinerschnitzel.
Re: The Fed Owns No Gold
Posted:
Tue Jun 07, 2011 6:33 amby Sheikh_yer_Bu'Tay
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!
