The Great Gold Audit Gathers Momentum
This is a huge groundswell of support and consciousness relating to one of the more important fiscal questions facing our country. How much unencumbered, uncompromised, untampered, unleased, and unsecuritized gold really exists at Fort Knox and the NY Fed?
A full and independent audit is the only way to answer that question, and anyone resisting an audit must be presumed to have something to hide. If the gold is there in the reported quantities, with no encumberances whatsoever, then this proposal for an audit should generate no opposition from the Fed, the Treasury, the President, nor anyone in Congress.
This editorial piece by The New York Sun is a phenomenal piece of reporting, and I celebrate the resulting conveyance of the importance of this simple, non-threatening task of merely ensuring that the U.S. holds 100% of the unencumbered gold that it claims. Given the range of stresses and challenges facing the U.S. dollar, what could be more important at this juncture?
The Gold Audit
"By our lights a weak dollar policy is a strategic mistake for America. We felt that when President Carter and his treasury secretary at the time, W. Michael Blumenthal, were running a weak dollar. We’ve never credited the idea that one cannot have a strengthening dollar and a growing economy, an idea that should have been thoroughly discredited during the Reagan years and the Clinton years. One could say that a strong dollar is a good idea that is bi-partisan in pedigree. But what good can come of a weak dollar policy, such as the one being pursued by Messrs. Obama, Geithner, Bernanke, Mrs. Pelosi and the others who have various levels of constitutional — or, in the case of Mr. Bernanke, non-constitutional— authority over policy in respect of America’s money? As the value of the dollar evaporates, why in the world wouldn’t ordinary Americans want to have the gold holdings they’ve been told about for so many years given a full and independent audit?"
Ron Paul's interview with Kitco
Fox News report on the issue
"He said there is "reason to be suspicious" about U.S. gold holdings and suggested officials were manipulating the price of gold to prop up the perceived value of paper money. Paul said "it is a possibility" that neither Fort Knox nor the New York Federal Reserve vaults have any gold. He also said he will call for the U.S. government to legalize the use of gold and silver as "legal tender" alongside the U.S. dollar. Let them compete, he says."