The Phaserl


Why Does It Even Matter?

by Bill Holter, Miles Franklin:

Some have asked the question, “Why does it even matter?” when it comes to whether we still have the gold in Ft. Knox or not. They say, “Who cares, nobody uses gold to settle trade anymore.” Even Ben Bernanke has testified (perjured himself) in front of Congress and said, “Gold is not money, it is an asset.” Based on this (il) logic it then goes that even if the vaults are empty it “doesn’t matter.”

Let me take you back to where this all started and to how we got here in the first place. It used to be (before the Federal Reserve was created) that banks could issue “currency” based on how much gold they had to back it. Then the Federal Reserve came along and played the same game, they issued dollars based on how many ounces they had stored. 1934 came along and the Fed couldn’t issue any more dollars because they didn’t have enough gold… no problem, just change the “value” of gold from $20 per ounce to $35 and money supply could be expanded by 75%.

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1 comment to Why Does It Even Matter?

  • rich

    Is Germany’s Gold Housed in New York, Paris and London All Gone?

    The public is still waiting for answers to crucial questions like these:

    – What kind of gold bars were melted? Original material from the 1950s and ’60s?
    – How can the Bundesbank hint in its press release that some of the old bars already met the LGD specifications when those specifications were not defined and made a standard for central bank bars until 1979?

    Why has the Bundesbank not published a bar number list of the old bars?
    How can there be security concerns about bars that no longer exist?
    Why has the Bundesbank not published a bar number list of the newly cast
    – Who exactly melted the bars? Where exactly was this melting performed? Is there a smelter at the Federal Reserve Bank of New York?
    – Who witnessed the melting and recasting of the bars?
    – Are there any reports on this in writing with a valid signature? By whom?
    – And especially: Why was it deemed necessary to perform this action in the United States as opposed to Frankfurt or nearby Hanau, where there are some of the best facilities in the world for metal probing, melting, and recasting? Had these actions been performed in Germany in a fully transparent manner, it would have been so easy for the Bundesbank to dismiss all questions from “paranoid gold conspiracy theorists.”

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