Ron Paul chairs congressional investigation on US gold reserves
Read more:Ron Paul chairs congressional investigation on US gold reserves
CURRENT US DEBT : 12,000,000,000,000 (12 Trillion dollars)
US reserves GOLD : ##,300,000,000,000 (300 Billion dollars not even half trillion)
US federal reserve does not need permission form US gov to sell this gold to keep government running , please note that Gold/Money was also shifted suddenly from Germany to USA prior to ww2 by you know who
In a congressional hearing chaired by Republican presidential candidate Ron Paul on Thursday, a remarkable investigation on the transparency of the US Treasury's gold reserves was pursued.
On Thursday, Congressman Ron Paul chaired a subcommittee investigation on the transparency of the US government's gold holdings.
Testimony was provided to Congress by the Honorable Eric Thorson, inspector general at the Treasury Department and Gary Engel, director at the Government Accountability Office's Financial Management and Assurance division.
"For far too long the United States government has been less than transparent in releasing information relating to its gold holdings," Paul said in his opening statement. "Not surprisingly, this secrecy has given rise to a number of theories about the gold at Fort Knox and other depositories. Some people speculate that the gold has been involved in gold swaps with foreign governments or bullion banks. Others believe that the gold has secretly been shipped out of Fort Knox and sold. Still others believe that the bars at Fort Knox are actually gold-plated tungsten. Historically, the treasury and the mint have dismissed these theories rather than address these concerns with substantive rebuttals. No one from Congress has been allowed to few the gold at Fort Knox in nearly 40 years."
This lack of transparency has led to the potential for legislation, the Gold Reserve Transparency Act of 2011, that would force the US Treasury to comply.
Congressman Paul is the chairman of the House Domestic Monetary Policy and Technology Subcommittee, and he expressed concern over the nation's gold auditing practices.
"In a way, it seems as though someone has decided to lock up the gold, put the key in a desk somewhere, and walk off without telling anyone anything," Paul said.
However, both Thorson and Engel contended that proper annual auditing standards have been in place since 1993.
As the worldwide economy has endured broad instability, gold transactions have soared. According to a recent Beacon Equity Research report, India's stockpiles of gold and silver have skyrocketed more than 500 percent. Additionally, as economic troubles continued to spill out of Greece and Portugal, Europe has begun purchasing gold more extensively, according to Bullion Vault.
Given the global nature of the US economy, these movements have fed speculation that the US Treasury may have sold off considerable stockpiles of US gold.
Will we see - USSR happen in USA ?
Paul has repeatedly called for a return to the gold standard – which U.S. President Richard Nixon abandoned in 1971. He’s also called for the government to sell its gold reserves and rebate the money to taxpayers.
“(Gold) has to be in the hands of the people,” Paul said recently. “We should legalize its use as legal tender. Government doesn’t have to hold it. If an individual gets into trouble they might sell their stocks, their CDs, their assets to pay their bills. Why can’t a country do that?”
This right here is a smart man thinks logically why keep building debt ???