Thursday, June 9, 2011
The following exchange between Congressman Ron Paul (R-TX) and the Fed’s attorney Scott Alvarez proves, without a shadow of a doubt, that The Federal Reserve has no gold backing the US dollar.
Most in the alternative news sphere suspected it – now it’s fact.
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.
The exact relationship between the Federal Reserve, the US Treasury and these non-tradeable gold certificates is not exactly clear, but an attempt to explain what’s actually going on has been put forth by goldnews.com
An interesting perspective, and one, if true, suggests that the value of your dollar in terms of gold is actually much less than believed – like close to zero.
The Dollar is not only not backed by gold, but in the event of a dollar meltdown the only assets backing the world’s reserve currency are worthless toxic mortgages purchased by The Fed in recent years from insolvent banking institutions.
And thats why Gaddafi was targeted as he tried to change currency to GOLD and U.S don't have any GOLD.
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