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Originally posted by hawkiye
reply to post by Section31
If you did a little research, you would have looked up the definition of gold certificates...
Gold certificates represent the ownership of gold.
If you had read just a little farther on the first page you would have seen that I already mentioned this. However I am glad you brought it up again later in the thread.
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.
Originally posted by Illusionsaregrander
reply to post by TheReturnisNear
You cant stand him?
Who else is bringing up issues like this at all? Who in Washington is doing anything other than handing the people who want to dismantle our Constitution and who are gutting our nation economically the keys to the castle?
He may not be the best interrogator, and I will give you that, but at least he has TRIED to make his fellow politicians and the American people aware of some of the crap going on.
Originally posted by Mikemp44
reply to post by emberscott
Yay! Maybe I'm worth a few extra $100,000 to the FED now! lol
Sad but true, we are owned by a entity we created. Now where have I seen that plot before...?
The monetary system here is like the serpent eating itself, the uroboros I believe its called....
A little tidbit out there for everyone who thinks the FED is nuts and the US government has turned on us long ago: The US, for the past 30 years, has been engaged in massive stockpiling of mineral, metal and chemical base products, such as copper, tungsten, zinc, iron, quartz, various natural gases (not "natural gas" that we use), limestone, etc... while dumping its gold and precious gems reserves. Why? Well, I'll let you figure that out.... (Hint Russia has been doing the same thing with our help. Again why?)
Perhaps Gold is going to tank hard like diamonds did back in the 1800's... me has said for four years this will happen, and by late 2012 I really believe it will, though it has no relation to the end of the world BS.
Originally posted by hawkiye
Federal Reserve Admits: We Have No Gold
(visit the link for the full news article)
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.
Related News Links:
It's one of these things that you have to plan almost in secret, because as soon as you say you're going to change over from the dollar to something else, you're going to be targeted," says Ministry of Peace founder Dr James Thring.
True.. true.. I think what I'm trying to say is that in the event of a catastrophic economic incident that would require Gold to be tendered for the welfare of the State
Originally posted by boondock-saint
in all seriousness, if this is true
it is the beginning of the end.
nobody will lend anymore.
there will be a mass crash
on wall street and a mad dash
run on the banks to get their paper
out of ignorance.
Originally posted by NephlimKilla
Ron Paul all day! lol...I love how he is putting these people on blast for what they have been denying for so long...You would think Americans would be a lot more upset with the lies the federal reserve has been telling us!
The United States Gold Reserve Act of January 30, 1934 required that all gold and gold certificates held by the Federal Reserve be surrendered and vested in the sole title of the United States Department of the Treasury.
The Gold Reserve Act outlawed most private possession of gold, forcing individuals to sell it to the Treasury, after which it was stored in United States Bullion Depository at Fort Knox and other locations. The act also changed the nominal price of gold from $20.67 per troy ounce to $35.
A year earlier, in 1933, Executive Order 6102 had made it a criminal offense for U.S. citizens to own or trade gold anywhere in the world, with exceptions for some jewelry and collector's coins. These prohibitions were relaxed starting in 1964 – gold certificates were again allowed for private investors on April 24, 1964, although the obligation to pay the certificate holder on demand in gold specie would not be honored. By 1975 Americans could again freely own and trade gold.
The Gold Reserve Act authorized the Exchange Stabilization Fund to use such assets as were not needed for exchange market stabilization to deal in government securities.
The Gold Reserve Act had economic ramifications far beyond national finance. At that time many contracts stipulated that their monetary terms could be demanded in gold. Such gold clauses were intended to protect against the United States devaluing the dollar. When the Emergency Banking Act of 1933 and the Gold Reserve Act of 1934 outlawed the use of gold such contracts became sources of controversy. In the gold clause case Norman vs. Baltimore & Ohio Railroad Co., 294 U.S. 240 (1935), the U.S. Supreme Court ruled that gold clauses were invalid. However, Congress later reinstated the option to use gold clauses for obligations (new contracts) issued after October 1977 in accordance with 31 U.S.C. § 5118(d)(2).
The 2008 decision 216 Jamaica Avenue, LLC vs S&R Playhouse Realty Co. established that gold clause in contracts signed before 1933 was only suspended not erased, and under certain limited circumstances might be reactivated.
- from op linked source
1) The widespread notion that the Fed owns gold is false. The corollary to this is the mistaken belief that the Fed understates its gold holdings on its balance sheet by only reporting certificates based on the $42.22 statutory gold value. The Fed does not in fact own the US gold stock multiplied by the market price of gold, unless the Treasury defaults and even then its not clear. The Fed does, however, own a claim to currency totaling $11.1 billion and this value has a remote chance of going up significantly if the Treasury revalues its gold and maintains the practice initiated in the Par Value Modification Act.