FEDS: We have NO GOLD - Video

Discussion in 'Money, Investing & Precious Metals' started by IrritatedWithUS, Jun 6, 2011.

  1. IrritatedWithUS

    IrritatedWithUS Well-Known Member

    [ame=http://www.youtube.com/watch?v=0OkITedQrek&feature=player_embedded]YouTube - ‪Federal Reserve Admits: We Have No Gold !‬‏[/ame]

    I found this video interesting. Ron Paul tears into the Fed and makes them look like idiots. I have listed some points that I find interesting in the video.

    1:40 – It gets interesting and mentions gold

    1:50 – “The Federal Reserve…We have no gold. We haven’t had gold since 1934. We haven’t held any gold swaps. We turned the gold, by law, to the Federal Treasury”

    2:32 – Made it clear, “WE HAVE NO GOLD”

    3:25 –
    Ron Paul: “Since the Fed and Treasury work together, Why doesn’t the Treasury sell the gold back to the people? Would you find anything wrong about that?”

    3:40- Federal Reserve guy replies with “I … I have NO POSITION over that”
    Ron Paul: “No position!?!?”

    3:52- Ron Paul asking another Fed worker “Do you have an opinion on this?”
    Fed: “I…uh…I … have no position. My position is the same as his…” and watch the guy behind him laugh and smirk.

    4:15- Ron Paul: “Well if you’re saying gold isn’t money, we’re never going back to the gold standard, it’s not an asset, then why are we holding on to it? I would think we wouldn’t be holding it. Fact is, gold IS money… People do cling to it. Because of this lack of transparency, there’s been a tremendous amount of gold swaps, central banks sold gold off, a lot of the gold has gone from the West and gone to the East…there has to be a message in here. We’re in a financial mess that has to do with our monetary system. Just printing all this money isn’t doing any good…our statistics are horrible. I think this is off the subject but we don’t exactly know what goes on. People are suspicious. Why don’t we know? ”

  2. worldengineer

    worldengineer Well-Known Member

    Anyone can make the Fed look stupid. Ron Paul is just able to convince the sheeps that it is stupid.

    ABOLISH THE FED... But then who could I trust? :D

  3. Immolatus

    Immolatus Just getting started. Always.

    Im a little confused. the fed has no gold, but has gold certificates? That certainly sounds like they have an IOU from the treasury. Is that not the implication? I assume the fed didnt just hand over their gold for nothing.
    The fed has it on their books as worth $42/z? Has what on their books? IOU's?
  4. Clarice

    Clarice Well-Known Member

    What a tangled web we weave.
  5. power

    power ExCommunicated

    As far as goverment backed gold certificates, the Perth Mint is all I know of.
    Our gov. hasn't had any gold certificates for about 75 years.

    You can buy gold certificates from many private companys and banks. Many times these companies do not own a single ounce of gold. When or if you demand payment they will send you cash for the amount of gold they are supposedly storing for you, usually less shipping, handeling, and storage.

    What happens if all or even a large part of the owners of gold certificates demand their money at the same time? If the company or bank has made solid investments they might be able to pay up. If their investments were not really that good, company big shots dipping into the box, or a lousy economy, there is always bankruptsy.
    But you do get to keep the pretty piece of paper that is now worth about the same as yesterdays newspaper.
  6. Immolatus

    Immolatus Just getting started. Always.

    Thats what I wondering. Is that what he said? did I hear and understand that correctly? That the Fed owns gold certificates backed by the treasury? So the treasury owes the fed x amount of gold?