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The question enormously fascinating: Is there any gold in Fort Knox? Google the question, and you’ll get approximately 1,320,000 responses; apparently, a lot of people really want to know.
In this video clip, Mises Institute Chairman Lew Rockwell is interviewed by Judge Andrew Napolitano, the host of Fox Business News’ “Freedom Watch,” which was canceled in 2011 despite top ratings.
“Fort Knox” is the common name for the United States Bullion Depository, located in Fort Knox, Kentucky, where a large portion of U.S. official gold reserves are alleged to be stored.
Although the question sounds like the set-up to a joke, the topic is no longer taken lightly, as the public grows increasingly aware of the precarious state of the Federal Reserve’s dollar—which is not backed by gold stored in Fort Knox or anywhere else—and the need to curtail government free-spending.
The Federal Reserve has rejected requests from both parties and both houses of congress for an audit of its money printing and money lending activities that arose because of legitimate concerns about the devaluing of the dollar and partly out of plain old suspicion. There has been resistance to any attempt to conduct third-party audits of gold, but as we explain in Gold Audit Fails to Discover Who Owns What, the largest concern is not that it isn’t there, but rather the selling and leasing of gold that is already owned by other parties. This is called repledging, rehypothecation, or simply—fraud.
When Napolitano asked Rockwell if there was any gold in Fort Knox, he responded:
Rockwell goes on to say that since we don’t know how much gold is in Fort Knox then it simply makes good sense to do an audit and find out. However, the Fed resists such an audit, which begs the question, why do they resist? Rockwell continues:
But the bigger issue than how much gold remains in U.S. reserves, according to Rockwell, is that the dollar is not backed by anything more tangible than public confidence, offering the U.S. government limitless opportunity to continue deficit spending.
Asked to speculate on what the world would be like had we remained on a gold standard, Rockwell says that, throughout history, during the long periods with gold and silver money
As Rockwell reminds us, gold is history’s free market money of choice for a reason. Our modern fiat currency system is designed to continually erode human wealth by means of inflation, shifting resources from working, saving individuals to government and the financial sector. A currency constrained by the natural limitation that it must be backed by a tangible, limited asset would mean greater wealth and wellbeing for all of us.
Imagine what would be possible with a limitless, environmentally benign and safe energy source, that could somehow be harnessed as warp drive-fueling “negative energy.”
“At one time U.S. Treasuries were considered the safest investment you could make. Now you’ve got every reason in the world to be concerned.”
Europe must someday realize that government needs to shrink: Once Italians Were Outsiders, Now Its Turks and Yugos...
"High taxes and over-regulation threaten to strangle innovation in its crib."
Were U.S. States to adopt gold and silver bullion as legal tender on a broad scale, the alternate currency would compete with the dollar.
At the heart of the Arizona debate is the fact that more and more people are concerned with U.S. dollar debasement, and the debasement of all fiat currencies worldwide.
“So here we had the only recession we’ve ever had where housing starts went up, and housing prices are going up, and so people think, ‘Wow, even in a recession, housing is the best thing you can do.’”
After years of taxpayer-funded cleanup efforts, footprint of the groundwater contamination under the Hanford Site has been reduced from 80 square miles to 65 square miles.
Switching out the conductors was an engineering challenge in itself. The ends of the building were knocked out, and a huge crane was used to move the silver elements, which were then run through a mechanical sheer to cut them into manageable sizes.
One in five recent graduates work in jobs that don’t require degrees at all.
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