Need I say More?

[Gunny]

http://offgridsurvival.com/texas-to-pull-1-billion-in-gold-from-federal-reserve-bank/

[Kathianne]

I saw that the other day. Good for TX!

[fj1200]

http://offgridsurvival.com/texas-to-pull-1-billion-in-gold-from-federal-reserve-bank/

Kind of a non-story IMO, especially as it regards the context of the article.

Gold, however, is not really a great investment.

http://www.washingtonpost.com/blogs/wonkblog/wp/2013/03/26/texas-wants-its-gold-back-wait-what/

[Gunny]

Kind of a non-story IMO, especially as it regards the context of the article.

Gold, however, is not really a great investment.

http://www.washingtonpost.com/blogs/wonkblog/wp/2013/03/26/texas-wants-its-gold-back-wait-what/

Gold's not a real investment? You mean the thing that backs our paper?

Want to try again? Use your brain this time .....

[Kathianne]

Gold's not a real investment? You mean the thing that backs our paper?

Want to try again? Use your brain this time .....

Gold doesn't back the USD, hasn't since the depression. It's all 'paper.' http://www.federalreserve.gov/faqs/currency_12770.htm


Is U.S. currency still backed by gold?Federal Reserve notes are not redeemable in gold, silver, or any other commodity. Federal Reserve notes have not been redeemable in gold since January 30, 1934, when the Congress amended Section 16 of the Federal Reserve Act to read: "The said [Federal Reserve] notes shall be obligations of the United States….They shall be redeemed in lawful money on demand at the Treasury Department of the United States, in the city of Washington, District of Columbia, or at any Federal Reserve bank." Federal Reserve notes have not been redeemable in silver since the 1960s.


The Congress has specified that Federal Reserve Banks must hold collateral equal in value to the Federal Reserve notes that the Federal Reserve Bank puts in to circulation. This collateral is chiefly held in the form of U.S. Treasury, federal agency, and government-sponsored enterprise securities.

[Gunny]

Gold doesn't back the USD, hasn't since the depression. It's all 'paper.' http://www.federalreserve.gov/faqs/currency_12770.htm

I know, but it sounded good.

If gold doesn't back our dollar what does? And we went off the silver standard during the depression. We went off the gold standard during TDR's tour.

[Kathianne]

I know, but it sounded good.

If gold doesn't back our dollar what does? And we went off the silver standard during the depression. We went off the gold standard during TDR's tour.

Paper.
The Congress has specified that Federal Reserve Banks must hold collateral equal in value to the Federal Reserve notes that the Federal Reserve Bank puts in to circulation. This collateral is chiefly held in the form of U.S. Treasury, federal agency, and government-sponsored enterprise securities.

[fj1200]

Gold's not a real investment? You mean the thing that backs our paper?

Want to try again? Use your brain this time .....

:confused: I'm not sure if you're being serious. :slap: Gold is not an investment (read the link), at best it's a hedge against future inflation.


I know, but it sounded good.

If gold doesn't back our dollar what does? And we went off the silver standard during the depression. We went off the gold standard during TDR's tour.

We didn't really go off of gold until Nixon closed the gold window and effectively ended the Bretton Woods system. This essentially turned the dollar into fiat currency.




BTW, is 'TDR' Teddy Damn Roosevelt? :poke:

[Gunny]

:confused: I'm not sure if you're being serious. :slap: Gold is not an investment (read the link), at best it's a hedge against future inflation.



We didn't really go off of gold until Nixon closed the gold window and effectively ended the Bretton Woods system. This essentially turned the dollar into fiat currency.




BTW, is 'TDR' Teddy Damn Roosevelt? :poke:

That would be him.