Gold, US Government, and You
FROM PAGE 47 note section of the 1997 Federal Consolidated Financial Statement (Link to download report on front page of CAFR1.com 2/3rds down the page)
AS QUOTED FROM PAGE 47:
"Gold is valued at a statutory price of $42.2222 per fine troy ounce. As of September 30, 1997, the number of fine troy ounces was 260,914,524.931. In the fiscal year ended September 30, 1996, gold was valued using market value, which represented the price reported for gold on the London Fixing. The market value of gold as of the reporting date is $332.10 per fine troy ounce. Gold has been pledged as collateral for gold certificates issued to the Federal Reserve banks totaling $11.0 billion (see Note 13)."
Well folks, it appears that the Feds decades ago promised the gold holdings of the US Government to the Federal Reserve at $42 per ounce.
$42 per oz times 260,914,524 ounces (quoted holdings from above) = $10,958,410,008 (11 Billion dollars or the original debt owed)
Well, the current market value of that gold at $660 per ounce on 05/01/06 = $172,203,585,840 or (172.2 Billion dollars)
Good thing those trillions of US dollars out there are not valued in gold or the US Government would be a tad bit short. This Country's work productivity value is the backing force behind the value of the dollar.
(You are the commodity)
Hmm, first, they pledged the gold, and now they pledge your and your children's productivity for decades to come to the Federal Reserve.
Hmm, is that what freedom is all about? Yes, absolute freedom for them and perpetual slavery for you.
Hmmm, seems like We The People went off track a wee bit back.
Want to get back on track where we use commodities and are not the commodity being used?
Please see: http://CAFR1.com/TheRock.html (09/2007)
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