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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.
Zerohedge contributor Bob English and Inside Scoop’s Mark Levine discuss the roots of the wealth gap in this 2013 RT.com video clip.
"And inasmuch as that has yet to be seen in the U.S., or even in Japan after 20 years, we can’t necessarily say that it will never happen."
Leonard Read’s 1958 essay, ‘I, Pencil,’ reminds us of the timeless truth that freedom is impossible without faith in free men.
What the people really want is recognition for their diverse heritage and the opportunity for self-governance.
CBC report fingers worsening pollution, largely resulting from ever-increasing use of carbon-based energy, as the culprit in the shellfish die-offs.
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.
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