Comments on: Who Needs Fort Knox? http://www.thelibertypapers.org/2007/03/14/who-needs-fort-knox/ Life. Liberty. Property. Defending individual freedom and liberty, one post at a time. Wed, 08 Feb 2012 17:04:34 +0000 hourly 1 http://wordpress.org/?v=3.2.1 By: Rick http://www.thelibertypapers.org/2007/03/14/who-needs-fort-knox/#comment-18772 Rick Sun, 18 Mar 2007 21:31:55 +0000 http://www.thelibertypapers.org/2007/03/14/who-needs-fort-knox/#comment-18772 Who has title to the Gold? The FED, or the US Government? Who has title to the Gold? The FED, or the US Government?

]]> By: T. Byrd http://www.thelibertypapers.org/2007/03/14/who-needs-fort-knox/#comment-17484 T. Byrd Fri, 16 Mar 2007 23:11:50 +0000 http://www.thelibertypapers.org/2007/03/14/who-needs-fort-knox/#comment-17484 Selling off the gold in Fort Knox (assuming it's there, and I'm willing to bet it isn't, at least in it's original quantity) to pay for a measly $100 billion in government expenditures? Do you realize that will pay for only about 1 year's worth of the Socialists -- I mean Republicans -- Medicare Prescription Drug Bill? Biotite hit the nail on the head, our monetary system, and our country along with it, was hijacked in 1913 by the bankers. Just whose gold do you think that is in Fort Knox? The governments? Bullshit! That was our great grandparents gold, and our grandparents, and our parents, and OUR gold. It used to be that you were issued a "receipt" for the gold, a paper dollar denominated bill, expressed as being worth a certain value in GOLD. You could take that note to the bank, and exchange it for the REAL money, gold. When they decoupled paper money from gold, they essentially stole our gold, and gave us a worthless piece of paper in return. That piece of paper has become more and more worthless over the last 100 years, and will be absolutely worthless eventually. On the bright side, when you can't afford to buy toilet paper because it's selling for $4000/roll, you can always use your dollars. Selling off the gold in Fort Knox (assuming it’s there, and I’m willing to bet it isn’t, at least in it’s original quantity) to pay for a measly $100 billion in government expenditures? Do you realize that will pay for only about 1 year’s worth of the Socialists — I mean Republicans — Medicare Prescription Drug Bill? Biotite hit the nail on the head, our monetary system, and our country along with it, was hijacked in 1913 by the bankers. Just whose gold do you think that is in Fort Knox? The governments? Bullshit! That was our great grandparents gold, and our grandparents, and our parents, and OUR gold. It used to be that you were issued a “receipt” for the gold, a paper dollar denominated bill, expressed as being worth a certain value in GOLD. You could take that note to the bank, and exchange it for the REAL money, gold. When they decoupled paper money from gold, they essentially stole our gold, and gave us a worthless piece of paper in return. That piece of paper has become more and more worthless over the last 100 years, and will be absolutely worthless eventually. On the bright side, when you can’t afford to buy toilet paper because it’s selling for $4000/roll, you can always use your dollars.

]]> By: Biotite http://www.thelibertypapers.org/2007/03/14/who-needs-fort-knox/#comment-17238 Biotite Thu, 15 Mar 2007 03:29:59 +0000 http://www.thelibertypapers.org/2007/03/14/who-needs-fort-knox/#comment-17238 The more I learn, the more sage seems putting a gold and silver restraint to legal tender in the Constitution. A dollar was literally a specific weight of silver. I favor gold and silver, over other commodities, because that's what people have always turned to when fiat systems crash, as they all have. This global currency situation though is unprecedented. The whole world is fiat. I share your alarm about possibly immediate horrific collapse. Could the subprime mess set off the derivatives mess? But it's no longer just the U.S. propping up the dollar. The whole world props it up. It's possible this could go on for a long, long time. The more I learn, the more sage seems putting a gold and silver restraint to legal tender in the Constitution. A dollar was literally a specific weight of silver. I favor gold and silver, over other commodities, because that’s what people have always turned to when fiat systems crash, as they all have. This global currency situation though is unprecedented. The whole world is fiat. I share your alarm about possibly immediate horrific collapse. Could the subprime mess set off the derivatives mess? But it’s no longer just the U.S. propping up the dollar. The whole world props it up. It’s possible this could go on for a long, long time.

]]> By: Brad Warbiany http://www.thelibertypapers.org/2007/03/14/who-needs-fort-knox/#comment-17236 Brad Warbiany Thu, 15 Mar 2007 03:04:41 +0000 http://www.thelibertypapers.org/2007/03/14/who-needs-fort-knox/#comment-17236 Jeff, I had heard that thought about the gold not even being there. I checked <a href="http://en.wikipedia.org/wiki/United_States_Bullion_Depository" rel="nofollow">Wikipedia</a> (albeit not a completely reliable source), and they said it's been audited in 1974 and 1981. Plus, that it goes annual audits of 10% of the bullion for authenticity. Now, that may be a lie. It is Wikipedia, after all. You guys back from Oz now? I was looking for your thoughts on my End of an Empire post... I think I made the same point. We're in a bad way with the end of the subprime market. If we don't try to print our way out, we'll have a nice painful recession. If we do try to print the way out, we're looking at national--- if not global--- financial collapse, wars, and other very nasty things. Given the end of M3 tracking, and my general distrust of politicians to take the bad medicine, my money is on (rather contrary to) the printing press. Jeff,

I had heard that thought about the gold not even being there. I checked Wikipedia (albeit not a completely reliable source), and they said it’s been audited in 1974 and 1981. Plus, that it goes annual audits of 10% of the bullion for authenticity. Now, that may be a lie. It is Wikipedia, after all.

You guys back from Oz now? I was looking for your thoughts on my End of an Empire post… I think I made the same point. We’re in a bad way with the end of the subprime market. If we don’t try to print our way out, we’ll have a nice painful recession. If we do try to print the way out, we’re looking at national— if not global— financial collapse, wars, and other very nasty things. Given the end of M3 tracking, and my general distrust of politicians to take the bad medicine, my money is on (rather contrary to) the printing press.

]]> By: Jeff http://www.thelibertypapers.org/2007/03/14/who-needs-fort-knox/#comment-17235 Jeff Thu, 15 Mar 2007 02:56:00 +0000 http://www.thelibertypapers.org/2007/03/14/who-needs-fort-knox/#comment-17235 Brad, Do you really think that the gold is there, or in West Point (the other depository)? It has not been audited in over 50 yrs (national security you know). Who do you think "leases"(as in does not expect to get it back) gold to foreign Gov'ts, to artificially suppress the price of gold and bolster the worthless FRN's. The only thing that has saved our currency has been it's tie to oil. When we are no longer the Petro Dollar our currency is toast. Why do you think we invade sovereign nations when they start selling oil denominated in other currencies( I mean have WMD of course). It is too late to save the dollar, hopefully after the crash a commodity standard can come about. Jeff PS we are already in a hyperinflationary mode. (My defn. >= 10% money growth yr/yr.) Remember a year and a half ago or so when I was on a big rant about the banking cartel (fed) ceasing the publication of M3. Well wait until you see the credit factory print money in a few months/ year after the fallout from the unwinding of the Yen carry trade and SubPrime lending debacle. You are going to pray for "just" Hyperinflation. If we're lucky the market forces will prevail, institutions will invoke sound lending practices, cutoff credit, and we will have a bad recessinon. If we are not lucky credit pushers will continue to push greater volumes at decreasing profit margins and credit junkies(american consumers) will keep spiking their arm and we will have a hyperinfationary crash/depression in 5 yrs. Brad,
Do you really think that the gold is there, or in West Point (the other depository)? It has not been audited in over 50 yrs (national security you know). Who do you think “leases”(as in does not expect to get it back) gold to foreign Gov’ts, to artificially suppress the price of gold and bolster the worthless FRN’s. The only thing that has saved our currency has been it’s tie to oil. When we are no longer the Petro Dollar our currency is toast. Why do you think we invade sovereign nations when they start selling oil denominated in other currencies( I mean have WMD of course). It is too late to save the dollar, hopefully after the crash a commodity standard can come about.
Jeff

PS we are already in a hyperinflationary mode. (My defn. >= 10% money growth yr/yr.) Remember a year and a half ago or so when I was on a big rant about the banking cartel (fed) ceasing the publication of M3. Well wait until you see the credit factory print money in a few months/ year after the fallout from the unwinding of the Yen carry trade and SubPrime lending debacle. You are going to pray for “just” Hyperinflation. If we’re lucky the market forces will prevail, institutions will invoke sound lending practices, cutoff credit, and we will have a bad recessinon. If we are not lucky credit pushers will continue to push greater volumes at decreasing profit margins and credit junkies(american consumers) will keep spiking their arm and we will have a hyperinfationary crash/depression in 5 yrs.

]]> By: AL CURTIS http://www.thelibertypapers.org/2007/03/14/who-needs-fort-knox/#comment-17228 AL CURTIS Thu, 15 Mar 2007 00:39:00 +0000 http://www.thelibertypapers.org/2007/03/14/who-needs-fort-knox/#comment-17228 THEM WHO DO NOT READ HISTORY ARE DOOMED TO REPEAT IT. IF PAPER IS AS GOOD AS GOLD---HOW ABOUT A PAPER RING? READ== TEMPLE OF THE 13 SUNS. THEM WHO DO NOT READ HISTORY ARE DOOMED TO REPEAT IT.
IF PAPER IS AS GOOD AS GOLD—HOW ABOUT A PAPER RING?
READ== TEMPLE OF THE 13 SUNS.

]]> By: Brad Warbiany http://www.thelibertypapers.org/2007/03/14/who-needs-fort-knox/#comment-17224 Brad Warbiany Wed, 14 Mar 2007 23:10:25 +0000 http://www.thelibertypapers.org/2007/03/14/who-needs-fort-knox/#comment-17224 Biotite, I'm <a href="http://www.thelibertypapers.org/2007/02/28/its-all-about-the-money/" rel="nofollow">in favor of a backed currency</a>, even if it's not necessarily gold. I'm currently worried about an <a href="http://www.thelibertypapers.org/2007/03/05/america-the-end-of-an-empire/" rel="nofollow">American financial collapse</a> due to a potential of our government printing their way out of their obligations. So I understand where you're coming from here. Biotite,

I’m in favor of a backed currency, even if it’s not necessarily gold. I’m currently worried about an American financial collapse due to a potential of our government printing their way out of their obligations. So I understand where you’re coming from here.

]]> By: Biotite http://www.thelibertypapers.org/2007/03/14/who-needs-fort-knox/#comment-17218 Biotite Wed, 14 Mar 2007 21:12:43 +0000 http://www.thelibertypapers.org/2007/03/14/who-needs-fort-knox/#comment-17218 The Federal Reserve system is not federal, and there is no reserve. In 1913 the Congress removed from themselves the constitutional power to print currency and gave it to a private bank. The owners of the fed bank are not known to the public. When they create money from thin air, by issuing debt, the dollars held in your savings account are diluted of value. Fiat money is theft. It is the means by which our current government is able to borrow from China to attack Iraq, and charge it to your children and grandchildren. No need for a gold standard? You mean like, in slavery is security? The Federal Reserve system is not federal, and there is no reserve. In 1913 the Congress removed from themselves the constitutional power to print currency and gave it to a private bank. The owners of the fed bank are not known to the public. When they create money from thin air, by issuing debt, the dollars held in your savings account are diluted of value. Fiat money is theft. It is the means by which our current government is able to borrow from China to attack Iraq, and charge it to your children and grandchildren. No need for a gold standard? You mean like, in slavery is security?

]]> By: Brad Warbiany http://www.thelibertypapers.org/2007/03/14/who-needs-fort-knox/#comment-17215 Brad Warbiany Wed, 14 Mar 2007 20:43:37 +0000 http://www.thelibertypapers.org/2007/03/14/who-needs-fort-knox/#comment-17215 I'd buy some... Gold prices have doubled in the last 5 years. There's definitely demand to own it. I’d buy some…

Gold prices have doubled in the last 5 years. There’s definitely demand to own it.

]]> By: Kevin http://www.thelibertypapers.org/2007/03/14/who-needs-fort-knox/#comment-17213 Kevin Wed, 14 Mar 2007 20:27:55 +0000 http://www.thelibertypapers.org/2007/03/14/who-needs-fort-knox/#comment-17213 I wouldn't have any objections to selling off Fort Knox. The amount of gold there is nowhere near enough to back a currency if we decided to return to the gold standard. However, here's the million dollar question, who would buy it? I wouldn’t have any objections to selling off Fort Knox. The amount of gold there is nowhere near enough to back a currency if we decided to return to the gold standard.

However, here’s the million dollar question, who would buy it?

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