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U.S. Rep. Ron Paul , R-Tex., plans to introduce a new bill next year that will allow for an audit of US gold reserves, he told Kitco News in an exclusive interview.
“If there was no question about the gold being there, you think they would be anxious to prove gold is there,” he said of the Federal Reserve.
“If we ever get around to deciding we should use gold in relationship to our currency we ought to know how much is there,” said Paul. “Our Federal Reserve admits to nothing and they should prove all the gold is there. There is a reason to be suspicious and even if you are n
Originally posted by Jazzyguy
You know, he's awfully friendly with the mainstream media. I hope he's not some sort of distraction by tptb to keep part of the mass happy, giving them false hope.
Originally posted by IsALL
Sometimes I like to step back and laugh at the world simply because it revolves around golden colored rocks.
Quick! Someone count the rocks!
Originally posted by 12.21.12
Because it is in China.
LOL. Good call.
In 1971, in response to the depletion of U.S. gold reserves, President Richard Nixon announced that the dollar would no longer be redeemable for gold. So the system of fixed exchange rates via gold-backing fell apart. It was thought that the dollar would decline in value as traders relied less on the dollar and more on the emerging European and Asian currencies. But support for the dollar came from an unlikely quarter.
In 1973, the Organization of Petroleum Exporting Countries (OPEC) quadrupled the price of oil but continued to accept only U.S. dollars in payment, so that demand for dollars soared. From then on, the dollar was effectively backed by oil instead of gold-- and the U.S. government didn't even have to own the oil!
Originally posted by muzzleflash
That is a common misconception. The Dollar is not based on the value of gold anymore.
It is based on the value of a barrel of oil now.
Please think this one through. It's clearly obvious this is the case. If you view it from this perspective it makes perfect sense.
The Dollar is not fiat. It is backed by Oil.
AKA "Black Gold".