posted on Feb, 9 2008 @ 11:27 AM
reply to post by skyshow
. . know a lot about the Federal Reserve... so what happened to all the gold... when they recalled the backed notes and replaced them with
these ones backed up by ink, paper, and debt? I'm not trying to be a smart ass...I honestly would like to know...
"All the gold"
is either at Ft. Knox, the Federal Reserve Bank in New York City or at a Treasury facility in up-state New York. I do not know
the proportions at each site. The NYC bank is the one place in the world were nations "settle” their accounts. Every country has part of its gold
deposited at the NYC Fed. Example: If Uganda buys something from Peru and wants to "settle" its account, they will order some Ugandan gold moved
into the Peruvian vault.
keeps it a secret how gold it has on hand. Russia also keeps it a secret how much it has ready to go. In both cases, they fear
putting all their gold out at one time would greatly deflate the value of gold, now trading near an all-time high, around $800 a troy ounce. (12 troy
ounces make one troy pound, equal to about 85% of a 16 ounce avoirdupois pound). It has been said that the real worth of gold - size of the market
versus the amount produced - is around $100 an ounce. The remaining “value” is based on its unmatched durability, its intrinsic beauty and a
universal desire of humans to own some. I believe the US owns about 80 million ounces of gold, behind South Africa and Russia.
backed by confidence in the issuer is called FIAT money. I believe all countries now use only fiat money. This means people who buy
and sell different currencies base their valuation on the economic condition of the issuing country, in their own opinion. The "price" or exchange
rate of any currency is set by the money markets based on trading much less than 1% of the total currency.
does not participate in the money markets. It sets the exchange rate for the Yuan. The US claims the Yuan is set too low, and we are
constantly urging China to let the Yuan float. Has it occurred to you that if the Yuan floats UP, everything at Wal-Mart will go up in price? Then
WHY are US policy-makers constantly urging this step by China? If China wants to subsidize the world's consumers, why it it any of our business? The
only people that stand to gain, IMO, are the American co-owners of the 1000s of factories in China. Their worth would rise with the rising of the
Yuan. More billionaires. The R&Fs. So who does our government “work” for?
You can e-mail
the Fed and they will send you a packet with lots of brochures and some info. The US Treasury is in charge of the gold.
[edit on 2/9/2008 by donwhite]