The US Gold in Fort Knox is Secure, Gone, or Irrelevant?
The US government had been overspending, exporting dollars oversees, and other governments had “cashed in” those dollars for gold. At that rate of decrease, the US gold hoard would have been entirely dissipated by now. Perhaps it is gone!
President Nixon had a choice – default on the US promise to redeem dollars with gold, or reduce spending. Like any prominent politician he chose to continue spending and to blame the problem on someone else – the “international money speculators” but it might as well have been the Russians, Democrats, the French, Communists, an ethnic group, or the weather – anyone but those responsible – The President, Congress, and the bankers.
Forty three years later (since August 15, 1971) the “temporary” policy is still in place, the US government has officially redeemed no dollars for gold, and the US economy has deteriorated.
Option One: Assume all the US gold is still in the vaults and unencumbered.
- An audit would dispel considerable concern and increase the credibility of the Federal Reserve, Wall Street, and the US government. Congress should demand an audit (and that is as likely as flying pigs, Middle East peace, and Wall Street donating their 2013 bonuses to charity).
- The US national debt is approximately $17.6 Trillion – about fifty times the current market value of the US gold. Clearly selling all the US gold would not fix the insolvency or debt problems of the US government.
- Hint: This option is not viable.
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