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Politics : Dutch Central Bank Sale Announcement Imminent?
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To: Bill Murphy who wrote (3896)3/6/1999 11:39:00 AM
From: ForYourEyesOnly  Read Replies (2) of 81084
 
Does the US Gov't Own any Gold???

Is the following summary of the situation correct? This seems like a very important point that 99% of the American public are unaware of.....

"It is often said the U.S. has 262 million ounces of gold backing the American Currency. THIS IS FALSE!

Consider the facts.

The U.S. Treasury has NO GOLD. But the Federal Reserve Bank indeed has gold. It has 262 million ounces of the shiny yellow. Most of it stored in the FRB of NY.

However, the FRB does NOT BELONG TO THE
U.S. GOVERNMENT, nor to the American people. Another startling bit of trivia is the fact that the FRB is the only Central Bank in the world, which does NOT belong to the government of the country in which it resides. To my knowledge there is NO EXCEPTION in the world. Only the FRB located in the USA does not belong to the resident country's government. The FRB is a Central Bank hybrid. The FRB has many shareholders - all of them private banks - and many of them FOREIGN BANKS. It was created that way in 1913, and remains so today.

The FRB does not belong to the U.S. - but the 262 million ounces of gold reserves indeed belongs to the FRB. Consequently, if the FRB were liquidated, all the gold would be divvied up among its stockholders (the private banks and foreign finanical institutions. Therefore, one must conclude that the U.S. dollar has zero gold backing. There is NO backing of this fiat money, except the obscure and vague assurance of
"IN GOD WE TRUST," prominently scrawled on the reverse side of each greenback.

If there is any error or flaw in my reasoning, please point it out to me. Thoughts anyone? "
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