Paul Craig Roberts says U. S. Gold is Gone - Probably None in Ft. Knox

Dr. Roberts served as an Assistant Secretary of the Treasury in the Reagan Administration and is noted as a co-founder of Reaganomics. He made this announcement on an upcoming ATS Radio segment of "Out of the Box" tape recorded this Sunday and again on Greg Hunter's show yesterday; synopsis is that the Federal Reserve 'leased' the gold out to gold dealers and it was subsequently sold. His proof is that when Germany demanded its' gold being held by the NY Federal Reserve be returned, a fraction of it was offered back over the course of the next seven years, and that no audit or even look-see of the gold at Ft. Knox has been allowed despite numerous requests from Congress and others. He goes into more detail here with an incredulous Greg Hunter:

I believe Roberts. This has been an ongoing operation by the Federal Reserve since at least the early 1930's when they started sending aid to Hitler. By the time Nixon closed the gold window he really had no choice, the French would have drained the last of our reserves.
We've all heard the rumors of Ft. Knox being empty. Perhaps that's why they won't allow an audit.

Congrats on scoring the interview with Dr. Roberts.
OOTB rocks! You all never cease to amaze me with the quality of your guests.

Ron Paul said this a while back as well. I have no reason to not believe Ron Paul on this..



(ignore the really bad 5 second intro)

And - reply to post by Asktheanimals

We've all heard the rumors of Ft. Knox being empty. Perhaps that's why they won't allow an audit.

Exactly.

reply to post by signalfire


Falling like a house of cards

Of course, it's always been gone...we've been harvesting gold for the Aliens for eons.

The Great American Disaster: How Much Gold Remains in Fort Knox? (2010)

Worth a read.

Yesterday [August 16, 2010] marked the 39th anniversary of the day when the US Government declared bankruptcy. Oh, they didn’t call it that at the time. But what happened on August 15, 1971 was that the US defaulted on its promise to pay gold for dollars.

Before that day, gold was the legal linchpin of the world monetary system. Although every currency was defined in terms of the US dollar, the dollar itself was legally defined as 1/35th of a troy ounce of gold.

Since then, there really has been no center to the international monetary system. The “reserve currency” continues to be the US dollar. But there is no official definition of what a dollar is. Like every other currency, its value changes every ten seconds as it is traded on the global currency markets. It is a promise to pay nothing. Its value has been devalued for years. On top of that, enormous effort has since been put into the global currency markets: buying, selling, manipulating…none of which has caused anything productive to the world economy. Oh, sure, currency investing has made some of us rich, but is it really the same kind of wealth that, say, Steve Jobs has created with Apple?

After cutting that last tie to gold, there was no longer any discipline left to keep the value of the dollar steady. The US dollar of August, 1971 is as of 2009 worth just over 18 cents, according to the Inflation Calculator. Thus, in purchasing power, the dollar has lost over 80% in the past 39 years.

Only foreigners were legally able to turn in their US dollars and get gold from the US Government from 1934 to 1971. August 15 of that year closed off that last power of convertibility.

In 1934, gold was confiscated from US citizens, melted from coins into bars, and gathered over the next few years into a new storage facility at Ft Knox, Kentucky. After that, the official price of gold was raised from $20.67 to $35, a devaluation of the currency that was an attempt to inflate the economy out of depression. It didn’t work, but what it did do was to attract more gold in one place than had ever been seen.

At a time when deflation was depressing prices for all assets, the drastic rise in the official gold price made people all over the world want to sell their gold to the US Treasury. For many years, $35 an ounce was higher than the market price, so foreign sellers got a bargain.

The peak amount of gold held in Fort Knox reached 701 million ounces of gold. This was in 1949. This amount equaled 69.9% of all the gold in the world; never before had so much gold been gathered in one place.

But soon after that, gold began to leave Ft Knox and was shipped to the foreign persons and institutions who ponied up their $35 in Federal Reserve Notes for each troy ounce of gold they wanted. At some point in the 1950s, $35 became too cheap a price for gold.

From then until 1972, at least 75% of official US gold left the nation in exchange for paper dollars which can be printed at will. However, I think the total amount of real gold which remains is even less. The exact amount that remains is now officially listed at 147.3 million ounces. From the peak, that is a decline of 79%.

Some suspicious gold activities by the B.I.S. may hold answers and indicate they are manipulating gold just like they do with currencies.

Gold is being used a Ponzi Scheme tactic?

The mystery of who was involved in deals with the BIS, the bank for central banks, and what they were doing, has become clearer.

The Financial Times has learnt that the swaps, which were initiated by the BIS, came as the so-called “central banks’ bank” sought to obtain a return on its huge US dollar-denominated holdings. The BIS asked the commercial banks to pledge a gold swap as guarantee for the dollar deposits they were taking from the Basel-based institution.

When news of the swaps, which were disclosed in a note to the BIS’s latest annual report, circulated among traders this month, it caused a sharp fall in the gold price, sending bullion to what was then six-week lows. Gold has since fallen further: it was trading at $1,164 an ounce on Thursday.

BIS gold swaps mystery is unravelled

Related;BIS annual report is a reminder of who really makes the gold market

reply to post by signalfire


The US agreed to deliver something like 70 tons over a 7 year period, of the 350+ held by the Federal Reserve.

In the year recently concluded, the US physically delivered 5 tons. You can do the math on that.

That's a pretty good barometer of the situation. They are going to have to print money stacked to the moon to cover this debacle. Meanwhile, the Federal Reserve, a private corporation, buys $65B per month of securities at face value from TBTF banks. A lot of it is valueless MBS.

Link to Fed balance sheet total

This giant ruse has to be cleansed before the US can be returned to it's rightful owners.

reply to post by xuenchen


Ponzi scheme implies unregulated and/or illegal. Investments that pay profits not from capital gains but from new investor money are often referred to as Ponzi schemes. Plenty of regulated and/or legal "Ponzi schemes" (e.g., some would say social security, or banks generally). Just depends on who is making the rules.

reply to post by signalfire


I believe Dr Roberts definitely knows what he's talking about. He also just posted a detailed article on his web site discussing the desperate manipulations of the Fed and central banks to manipulate the gold prices lower so they don't default on gold deliveries thereby destroying the QE bubble and hammering the dollar.

This guy is one sharp cookie.

The Hows and Whys of Gold Price Manipulation

Oh dear, someone appears to have sold the 'family silver' then!

Of course, if it's a a hoax and the price of gold heads for the stars, guess TPTB can unveil the reserves at Ft Knox and sell some on the open market, return the outstanding amounts to wherever and sit on the reserves, smiling happily.

I'm not sure if I had any gold, silver or other precious metal on my side of the Atlantic I would want any foreign government the other side of 'the pond' looking after my shiny metal.

The really simple answer would be to allow audit and scrutiny, there is likely to be an as yet unknown reason for Ft Knoxs doors staying shut! That's big politics beyond our reckoning folks!

Wookiep
Ron Paul said this a while back as well. I have no reason to not believe Ron Paul on this..

Wait isn't this the crazy old uncle nobody wanted in office? You know those thousands and thousands and thousands of people who would come to see him on his election trail and that nobody wanted him so they all voted for Obama or the other guy... ya...

As the old saying goes... We reap what we sow... Therefor since we do not take action on things they just get worse..

As the parent thing that he said.. Remember some parents abuse the crap out of their kids and some of these kids end up dead.
I wonder how long it will be till the government beats its children to death... Don't you?

::EDIT::

I am suprised that was on history channel.. why was it on there?

reply to post by signalfire


I did the math on this, 300 tons at todays gold price is roughly $8,946,720,000. Now the price of 1500 tons $44,700,600,000. Thats a difference of $35,753,880,000. Wars have been started for less.

Mabe thats why they had gadaulfi killed, because he said that people will only be alowed to buy his oil with gold not a Fiat Currency.

He's taking up the baton of the old Ron Paul cause, good for him.

I actually tend to agree with him. Much of the trust built into the US currency is on that gold reserve - if the world found out that there was no gold, it would send shockwaves through the world economy.

Personally, I think THAT is what the thousands of guards at Fort Knox are protecting, the fact that there is NO GOLD.

Federal Reserve was created in 1913, and I don't think has been audited since.

snypwsd
reply to post by signalfire

 

I did the math on this, 300 tons at todays gold price is roughly $8,946,720,000. Now the price of 1500 tons $44,700,600,000. Thats a difference of $35,753,880,000. Wars have been started for less.

Mabe thats why they had gadaulfi killed, because he said that people will only be alowed to buy his oil with gold not a Fiat Currency.

Yup, Gadhaffi wanted to get everyone off the FIAT standard for buying oil, and was removed. China and Russia have also started trading oil using non FIAT currencies recently too.

I have absolutely no idea why ANYONE would put anything in US dollars, it's 100% a "faith based currency", meaning that it has absolutely nothing backing it up, other than the misguided faith and belief that the US Dollar is a strong currency. "In God We Trust" could never be closer to the truth than it is now.

Yeah, but there's plenty of lead with gold paint on it in there. No problem.

snypwsd
reply to post by signalfire

 

I did the math on this, 300 tons at todays gold price is roughly $8,946,720,000. Now the price of 1500 tons $44,700,600,000. Thats a difference of $35,753,880,000.

Wars have been started for less.

Yup. I'd love to have been a fly on the wall in Angela Merkel's office when she was told not only that her good buddy Obama had her private phones bugged, but that the gold would not be forthcoming.

Apparently China has more leverage than Germany. When they buy gold, it's for cash, return receipt requested and immediate delivery in actual gold, not those idiotic pieces of paper telling you that 'we're holding it here for you, right here...' And if I were them, I would be drilling every damn bar to check for molybdenum.

This is like the good ol' days of mortgage backed securities, where they sold the same mortgage tranches to a dozen different buyers; how could there possibly be ANYONE left who trusts the Fed and the Federal Government?

Maybe all those DUMBs are being built for the elites to hide in when Germany and the rest of the world decides to enact justice for American 'exceptionalism?'

Slightly off-topic and from several months ago, but William K. Black's interview about how we've let known felons continue to head up our biggest banks precisely because they're 'too big to fail' is a nice bookend to the Roberts interview. He had me laughing out loud at some of this, gawd knows it's better than crying:

reply to post by babybunnies


Yup, I agree with you. I am glad that all these countries are starting to wake up and smell the coffee.

If any of us stole 44+ billion dollars we would be locked up for life But the US goverment can do it with no problem at all.

This reminds me of that 12 trillion that went missing from the federal reserve a couple years back.

Its amazing how the Us government is invovled in all these money scandals lately. The sad thing about it, is not too many people are aware of all this and if they do hear about it they forget about it soon after and nothing is done about it.... Wasn't it Ron Paul that wanted to audit the federal reserve and all that?
That all died after he failed to get elected (like previously mentioned a few posts above this one).

Sorry I went off topic but it really ties into the big picture that the USA government is not any different then the common gang.
They steal, Kill, rape, pillage, build interment camps, set up random road checks/check points ect..... If you ask me its like Nazi germany all over again. but that is my opinion.

snypwsd
Mabe thats why they had gadaulfi killed, because he said that people will only be alowed to buy his oil with gold not a Fiat Currency.

It is also been stated that Saddam wanted to start selling oil in euro's and not US dollar, that is why he had to go supposedly..

See

A bizarre political statement by Saddam Hussein has earned Iraq a windfall of hundreds of million of euros. In October 2000 Iraq insisted on dumping the US dollar - 'the currency of the enemy' - for the more multilateral euro.

babybunnies
I have absolutely no idea why ANYONE would put anything in US dollars, it's 100% a "faith based currency", meaning that it has absolutely nothing backing it up, other than the misguided faith and belief that the US Dollar is a strong currency. "In God We Trust" could never be closer to the truth than it is now.

See where religion got us?