The Golden Truth: Why Won't the Fed Show Us (the Taxpayer) Our Gold?

Saturday, August 22, 2009

Why Won't the Fed Show Us (the Taxpayer) Our Gold?

For some reason, Ben Bernanke and the Federal Reserve have decided that they do not need to show the world, and especially all the inquiring U.S. Taxpayers, proof that the U.S. Mint holds in physical custody the 8100 tons of gold that the U.S. has been reporting going back to the Bretton Woods Treaty signed in 1944. The last time a genuine independent audit of the 8100 tons was performed was when Eisenhower was President.

The question is raised then, how come the Federal Reserve is putting up a formidable legal blockade in order to prevent GATA (the Gold Anti-Trust Action Committee) from gaining access under repeated Freedom Of Information Act inquiries? Wouldn't everyone reading this like to see, for sure, that the 8100 tons really exists? This is OUR gold folks.

Here's a link to the latest attempt by GATA to force the Federal Reserve to show proof to the world that the United States' gold holdings is bona fide:

Please Ben, Show Us Our Gold

Undoubtedly, this issue among several, are the reasons why the Fed hired the former Enron chief lobbyist, Linda Robertson, and is spending millions to fight the attempt of Congress to force an audit of the Fed. At last count, Ron Paul's HR 1207 had 282 co-sponsors - and Barney Frank is sitting on that Bill in Committee and it would overwhelmingly pass a Floor vote - and Bernie Sander's similar Bill in the Senate now has 23 co-sponsor's. Moreover, polls show that 75% of all Americans would like to see this Legislation passed into law.

Here's my compromise: forget the full audit, just show us our gold. What are you trying to hide Ben?

3 comments:

JesseSaturday, 22 August, 2009
Maybe if you offered to throw them some beads?
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EdwardoSaturday, 22 August, 2009
I have a different compromise, shut yourself down, or we will do it for you.
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Dave in DenverSaturday, 22 August, 2009
@Jesse: ROFLMAO

@Edwardo: that may end up happening if the town meetings are just warming the masses up!
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Why Gold?

Gold is the world's oldest currency. You exchange your fiat currency (dollars, euros, yen, yuan) into gold as an insurance policy against catastrophic Central Bank and Government policies which serve to destroy the value of fiat currencies and destroy democracy.

Gold can ONLY be considered an investment to the extent that it remains significantly and historically undervalued in relation to the fiat currencies against which its value is measured. Otherwise it remains the world's oldest currency and is completely free from the counterparty risk associated with currency by Government fiat (i.e. fiat currencies rely on a Government's "full faith and credit.")

Quote Of The Month Courtesy of "Jesse"

Unfortunately for Larry Summers, Ben Bernanke, and their friends at the BIS, they have not yet figured out how to print physical gold, silver, and other essential commodities, and the world is reaching the point where it might simply start ignoring the New York based markets with respect to essential commodities such as basic materials, oil, foodstuffs, and the like, as they become increasingly irrelevant, fraudulent, and Orwellian. And then where will the financial engineers be, except with no more excuses and no place to hide?

Here is the link to his entire commentary, well worth a read:

http://jessescrossroadscafe.blogspot.com/2010/07/gold-daily-chart-shock-and-awe-for.html

Great Quote From Jim Rogers On Govt CPI Reporting

JR: I mean, we have inflation now. If you go to the shop, whether it’s groceries, or education or insurance or health care, prices are going up for everything. The government lies about it in the US. Some countries lie, many countries don’t: Australia, China, India and Norway. Many countries don’t lie about it and acknowledge that we have inflation. Others lie about it, the UK and the US, but if you go shopping you know prices are up.

Q: Are you saying that the American Consumer Price Index (CPI) published by the US Bureau of Labor Statistics is a lie?

JR: In my opinion, yes, of course it is. Have you looked at it? They’ve changed their accounting several times in the past few decades. When housing was 20% to 25% of the CPI and housing was going up, they didn’t count it, saying rents weren’t going up, and then when home prices started going down, they counted it. It’s the same with many things. It’s staggering some of the tortuous reasoning that the BLS has used over the past 25 or 30 years. When the price of gasoline goes up, they say it’s not really going up because it’s better gasoline, better quality, therefore you’re getting more for your money. I mean, it’s endless, the stuff that they say and for some reason people sit there, although more and more people are catching on, and accept what the government says.

source: www.clusterstock.com

Quote of the Week

"The primary function of a Central Bank is to engage in the massive transfer of wealth from the middle class to the wealthy elite. The Federal Reserve was set up to do this with the blessing and support of Congress." - Dave in Denver

If you refuse to believe the above, please read "The Creature From Jekyll Island: A Second Look at the Federal Reserve" by G. Edward Griffin and then explain to me why the Senate voted down the Vitter Amendment and Congress refuses to pass a law requiring a full audit of the Fed, even though the Fed is using taxpayer-backed money to bailout Wall Street and Europe.