Why don't we use the gold in Fort Knox to pay for the Coronavirus?

[Ray9]

Anyone think it's a good idea? All that wonderful treasure just sitting there. Now we have a good use for it. Who agrees?

 

[Dick Foster]

What little gold there is in Fort Knox has been spent at least a thousand times already. Our currency is only as good as the government's word which means it ain't worth shit.

 

[kyzr]

I already looked at that Ray, so good idea!!

United States Bullion Depository - Wikipedia

en.wikipedia.org

"The United States Bullion Depository, often known as Fort Knox, is a fortified vault building located next to the United States Army post of Fort Knox, Kentucky. It is operated by the United States Department of the Treasury. The vault is used to store a large portion of the United States' gold reserves as well as other precious items belonging to or in custody of the federal government. It currently holds roughly 147 million troy ounces (4,580 metric tons) of gold bullion, over half of the Treasury's stored gold. "

So doing the math. 147,000,000 oz x $2,000/oz only equals $294b. Not much considering the size of the Federal Budget, or that COVID already cost us about $6T.

Kudos for creativity!

 

[MarathonMike]

Hate to break it to you Ray but as of 2018 there was about $6 billion worth of gold held in Ft. Knox. That won't even make a dent in the CV19 financial disaster.

 

[JackOfNoTrades]

No. It's a reserve. Take anything from those reserves (which are likely worth not a whole lot) and you could see things get even worse.

 

[Likkmee]

The place is empty. Has been for years

 

[Gdjjr]

How about letting the markets take care of the "crisis"

All of the above very neatly explains why free, unfettered markets correlate so well with positive economic outcomes. Market signals are arrived at through the combined genius of tens of thousands, millions, and billions of human beings.


At the same time, it hopefully also explains why central planning always fails in miserable fashion. It’s not that there weren’t intelligent people running some of the Iron Curtain countries of the late 20thcentury, and it’s not that those in power didn’t avail themselves of expert opinion at times. The problem then was that individual genius, no matter how substantial, couldn’t come close to measuring up to the combined knowledge of the masses of people who make up what we call a market.

 

[Camp]

Anyone think it's a good idea? All that wonderful treasure just sitting there. Now we have a good use for it. Who agrees?

Gold began being used in the Great Depression as collateral for Federal government loan guarantees. Basically, it continues to fulfill that role. Nowadays we are more likely to borrow more money for paying unpaid loans. We don't even know how much gold is stockpiled in Fort Knox or anywhere else. We only assume the gold is still there.

 

[Mr Natural]

Because Auric Goldfinger contaminated it back in 1965.

 

[Gdjjr]

No worries, the geniuses have it covered.


Last week the Federal Reserve announced it will keep interest rates at or near zero until the economy recovers from the government-imposed shutdown. Following this announcement, Federal Reserve Chairman Jerome Powell urged Congress and the Trump administration to put aside any concerns about the deficit and spend whatever it takes to stimulate the economy and combat coronavirus.

 

[Ray9]

What little gold there is in Fort Knox has been spent at least a thousand times already. Our currency is only as good as the government's word which means it ain't worth shit.

If we start a petition to use that gold then we will know exactly how much is or isn't there. Then the government could tell us where it went. Or perhaps they could tell us what exactly is backing the dollar besides good intentions and lots of ink and paper.

Once those printing presses start humming the dollars in your wallet will shrink to the size of postage stamps.

 

[watchingfromafar]

Anyone think it's a good idea? All that wonderful treasure just sitting there. Now we have a good use for it. Who agrees?

Our federal government has borrowed over 2 (two) trillion $$ from the Social Security trust Fund. And why I am saying this I have no clue, it has nothing to do with the OP
-

 

[Ray9]

Anyone think it's a good idea? All that wonderful treasure just sitting there. Now we have a good use for it. Who agrees?

Our federal government has borrowed over 2 (two) trillion $$ from the Social Security trust Fund. And why I am saying this I have no clue, it has nothing to do with the OP
-

Borrowed? When are they going to pay me back?

 

[B. Kidd]

China ass-raped us.
Good and hard!

Meanwhile, let us return to pressing arguments like:
- Do masks work or not?
- How much blood does Trump have on his hands?
- I've got diarrhea and the sniffles so am I infected?

Communist Chinese Gov't is laughing at us.

 

[Ray9]

China ass-raped us.
Good and hard!

Meanwhile, let us return to pressing arguments like:
- Do masks work or not?
- How much blood does Trump have on his hands?
- I've got diarrhea and the sniffles so am I infected?

Communist Chinese Gov't is laughing at us.

Did China rape us or did our leaders pimp us out them by selling them the keys to the kingdom? Why is no one asking that question?

 

[B. Kidd]

China ass-raped us.
Good and hard!

Meanwhile, let us return to pressing arguments like:
- Do masks work or not?
- How much blood does Trump have on his hands?
- I've got diarrhea and the sniffles so am I infected?

Communist Chinese Gov't is laughing at us.

Did China rape us or did our leaders pimp us out them by selling them the keys to the kingdom? Why is no one asking that question?

It's a combination of both!

Onward and forward to using up our gold supply!
We'll just print mo' money.
Next stop.......Zimbabwe, MF'ERS!

 

[Dick Foster]

What little gold there is in Fort Knox has been spent at least a thousand times already. Our currency is only as good as the government's word which means it ain't worth shit.

If we start a petition to use that gold then we will know exactly how much is or isn't there. Then the government could tell us where it went. Or perhaps they could tell us what exactly is backing the dollar besides good intentions and lots of ink and paper.

Once those printing presses start humming the dollars in your wallet will shrink to the size of postage stamps.

Our currency was taken off the gold standard a long time ago and has since been nothing but a fiat currency. Which means for all practical purposes it's utterly worthless.

 

[B. Kidd]

What little gold there is in Fort Knox has been spent at least a thousand times already. Our currency is only as good as the government's word which means it ain't worth shit.

If we start a petition to use that gold then we will know exactly how much is or isn't there. Then the government could tell us where it went. Or perhaps they could tell us what exactly is backing the dollar besides good intentions and lots of ink and paper.

Once those printing presses start humming the dollars in your wallet will shrink to the size of postage stamps.

Our currency was taken off the gold standard a long time ago and has since been nothing but a fiat currency. Which means for all practical purposes it's utterly worthless.

Ooops!

 

[Rambunctious]

The nation should put some of its land up for sale....talk about a gold mine....to Americans not foreigners of course...

 

[Tijn Von Ingersleben]

lol! Fort Knox.