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The Federal Reserve does not own any gold at all. We have not owned gold since 1934, so we have not engaged in any gold swap...
What appears on our balance sheet is gold certificates…Before 1934 the Federal Reserve did, we did own gold. We turned that over by law to the Treasury and received in return for that gold certificates.
Originally posted by neo96
the federal reserve not owning gold
yes we already knew that.
and for a "bank" not to have any real assets other than cash just shows us all
just how stupid they are.
everyone has gold even in the rest of the world
except this nation.
stupid is as stupid does.
Originally posted by zookey
reply to post by hawkiye
So somebody answer this one..
If they control the money supply, they don't need money, they just use that concept to control us right?
So, money is not backed by GOLD, so as printers of money, they don't need gold, right?
So, what do THEY need gold for? It is not wealth, they already have that.
I guess it is for some OTHER reason.