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Judge Sides With GATA, Orders Fed To Present Her With Its Classified Gold Records For Private Review

Tyler Durden's picture





 

Our friends at GATA report an interesting development in its multi-year confrontation with the Fed, namely that the organization has "scored a small but perhaps auspicious victory over the
Federal Reserve in our lawsuit seeking access to the Fed's secret gold
files. The judge presiding over GATA's federal freedom-of-information
lawsuit in U.S. District Court for the District of Columbia, Ellen Segal
Huvelle, granted GATA's motion to order the Fed to produce in complete
form for the judge's private review 20 gold-related documents the Fed
has sought to keep secret. The judge ordered the Fed to deliver the
documents by Friday." While this does not mean that the Fed will actually publicly announce that its gold vaults are in fact filled with GLD stock certificates, it does put the Fed in an unpleasant position to have to escalate its defense of its secrecy in an increasingly more sensitive topic, i.e., precious metals price manipulation with or without JP Morgan, and is a definite setback for Bernanke in his pretend push to make the Fed appear more transparent.

More from GATA:

The judge's order to the Fed to produce documents for her private review can be found at GATA's Internet site here:

http://www.gata.org/files/GATAFedLawsuitCourtOrder-01-10-2011.pdf

Those who are skeptical of GATA's complaint that the Federal Reserve
is part of an international gold-price rigging scheme should reflect on
the meaning of the Fed's refusal to disclose all its gold-related
records, records that include gold swap arrangements with foreign banks:

http://www.gata.org/node/8192

If the U.S. gold reserves are just sitting somewhere, inert,
unencumbered, and unused for surreptitious market intervention, what's
the problem with full disclosure?

Financial journalists unafraid of aggravating the world's financial
powers should start putting gold-related questions to the Fed and other
central banks and stop simply assuming that secrecy should be the normal
order of things with central banks and gold.

And people everywhere who believe in free markets in the monetary
metals and who have not already supported GATA financially can join our
struggle here:

http://www.gata.org/node/16

This struggle could have been undertaken easily and likely more
effectively by the World Gold Council, which aims to represent gold
mining companies and gold investors. But the council's indifference to
questions of surreptitious central bank intervention in the gold market
has left the struggle to GATA. We need your help to pursue this struggle
to victory for free markets, limited government, and a better, fairer
world.

And from the actual order:

ORDER
Upon consideration of defendant’s motion for summary judgment [dkt. #9], plaintiff’s opposition thereto [dkt. #13], plaintiff’s motion for in camera review [dkt. #14], defendant’s opposition and reply [dkt. #16], and plaintiff’s reply [dkt. #20], it is hereby ORDERED that defendant shall produce to the Court for in camera inspection by January 14, 2011, redacted and unredacted copies of the 20 documents indicated on its Vaughn
index. (See Exhibit 8 to Declaration of Alison M. Thro.)

 


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Mon, 01/10/2011 - 17:56 | Link to Comment Zé Cacetudo
Zé Cacetudo's picture

News from California on buying gold the other day:

"The Pasadena Police Department would like to inform the public that buying gold is against the law unless you are licensed by the California Department of Justice," the statement said.

 

In addition, police added, "Gold buyers are required by law to ask for identification from whoever they buy from and maintain a description of the items they are buying. This information is then reported to law enforcement."

From http://www.pasadenastarnews.com/news/ci_16988452

Oh, and while I'm at it, don't go through the TSA body scanners at the airport - they're cancerous: http://bit.ly/cWT295

Mon, 01/10/2011 - 18:08 | Link to Comment Sudden Debt
Sudden Debt's picture

Business operators that buy or sell gold without a license are subject to arrest, a $1,500 fines and accusations of dealing in stolen property, police added.

I first thought it was BS, but that's just scarry! You'd better start buying your gold overseas ;) I do that to. I buy it in the US and Germany.
Mon, 01/10/2011 - 19:16 | Link to Comment Ratscam
Ratscam's picture

Try Singapore, Malta and Switzerland!

Mon, 01/10/2011 - 21:18 | Link to Comment RichardP
RichardP's picture

All businesses in California have to be licensed in one way or another.  In this particular instance, the intent is to make it more difficult for someone in business to become a fence for stolen material.  A noble goal.

Mon, 01/10/2011 - 22:13 | Link to Comment Eternal Student
Eternal Student's picture

And a rather useless one. Just melt the stuff down into a different form and try to trace it.

But that's not what the quote above suggests. It suggests that it's illegal to buy gold, period. Which is absolutely ludicrous.

Tue, 01/11/2011 - 07:35 | Link to Comment Arius
Arius's picture

no wonder you are bankrupt - the problem is u taking the country down w/ u

Mon, 01/10/2011 - 20:30 | Link to Comment Red Neck Repugnicunt
Red Neck Repugnicunt's picture

Or just sell it all to Sudden Debt. More boomer nonsense.

Mon, 01/10/2011 - 21:05 | Link to Comment akak
akak's picture

Care to inform us just exactly why you have chosen to impersonate another troll in this forum, RedNeckRepugnicunt?

Mon, 01/10/2011 - 22:07 | Link to Comment Hephasteus
Hephasteus's picture

Monday Primetime Zero hedge.

To catch a troll starring akak.

http://www.youtube.com/watch?v=JogttpcKFIA&feature=related

Tue, 01/11/2011 - 20:13 | Link to Comment UncleFester
UncleFester's picture

Better up that fine, a single ounce will cover it!

I Fester

Mon, 01/10/2011 - 18:19 | Link to Comment Eternal Student
Eternal Student's picture

So, can anyone, especially the Pasadena Police, show me the State Law which says this? Otherwise, I'd say the Pasadena Police are misenterpreting a different law, or just making stuff up.

 

 

Mon, 01/10/2011 - 19:11 | Link to Comment rampancy777
rampancy777's picture

"...misenterpreting a different law, or just making stuff up."

isn't that the government's modus operandi?

Mon, 01/10/2011 - 21:21 | Link to Comment RichardP
RichardP's picture

... can anyone ... show me the State Law which says this?

It could be a Pasadena city law.  Or county law.  It need not be a state law.

Mon, 01/10/2011 - 22:08 | Link to Comment Eternal Student
Eternal Student's picture

It would be very ineffective it it were. Just pop over next door.

But in any case, the actual law apparently can't be cited, so at this point, I question whether it exists.

Mon, 01/10/2011 - 19:21 | Link to Comment bunkermeatheadp...
bunkermeatheadprogeny's picture

They just started requiring a license in Florida 2 years ago.

Mon, 01/10/2011 - 19:43 | Link to Comment Sean7k
Sean7k's picture

This article refers to buying stolen property and properly reporting sales for tax reasons. I recommend you read the whole article at the reference. 

Mon, 01/10/2011 - 17:54 | Link to Comment Sylvia Plath
Sylvia Plath's picture

Looks like someone is going to finally get a peek into the vault... but then what happens if all is empty? This is like staring at the fan, waiting for the shit to hit it...

 

Mon, 01/10/2011 - 18:09 | Link to Comment Sudden Debt
Sudden Debt's picture

I HOPE THEY DON'T GET THE CURSE OF THE BALD MUMMY IF THEY OPEN THE THOMB!!!

Mon, 01/10/2011 - 22:40 | Link to Comment StychoKiller
Mon, 01/10/2011 - 18:30 | Link to Comment midtowng
midtowng's picture

The Fed recently lost the lawsuit against Bloomberg. Is the Fed losing influence?

Mon, 01/10/2011 - 20:22 | Link to Comment knukles
knukles's picture

The Fed recently lost the lawsuit against Bloomberg and what has Bloomberg received other than either the "Nope, not for you, so sue us again, asshole." response or a passel or blacked out pages?

Plus, forget not, that under legislation passed within the last several years (I do not remember which bill.) information such as that may at the discretion of the agency at hand, be declared of importance to 'national security" and thus not subject to distribution.

And yeah, yeah, yeah, I know the Fed's not an agency, but don't bother me with details.  You'll miss the whole point of the dog and pony expose.

Interesting to hear b-b-bungee's response to the man who wants his nose under the tent at the next hearing what with this new development. 

Tue, 01/11/2011 - 20:28 | Link to Comment UncleFester
UncleFester's picture

They wonn't even need to pull out the nat'l security bs, they'll just pay off the judge.  My advice (contrary to the popular saying) is to spend it all at once as it will be worth-less tomorrow.

Mon, 01/10/2011 - 18:55 | Link to Comment Dr. Porkchop
Dr. Porkchop's picture

Maybe that's where Iraq's WMDs are.

Tue, 01/11/2011 - 05:56 | Link to Comment XPolemic
XPolemic's picture

I don't know who junked you, but fuck them. +1 Funny.

Mon, 01/10/2011 - 19:58 | Link to Comment sushi
sushi's picture

All they will find is that the economy of the Frei World is collaterized by The Chairman's back left upper molar.

Mon, 01/10/2011 - 20:46 | Link to Comment Bill D. Cat
Bill D. Cat's picture

It saddens me that there are no Geraldo references yet .

Tue, 01/11/2011 - 01:13 | Link to Comment Diogenes
Diogenes's picture

It won't be empty. There will be a piece of paper "IOU 8000 tons of gold (signed) Richard Nixon". Ha ha ha.

Tue, 01/11/2011 - 12:16 | Link to Comment Cleve Meater
Cleve Meater's picture

Exactly... I'm not so sure I'd want to be the judge reviewing the docs.  It's like opening up the Ark of the Covenant or Pandora's Box.

Mon, 01/10/2011 - 17:56 | Link to Comment cossack55
cossack55's picture

I'm certain The Ben Bernank will have no problem printing up the required amount of gold.  Like, what, some linen and gold ink. Big deal.  Back to sleep.

Mon, 01/10/2011 - 18:10 | Link to Comment Sudden Debt
Sudden Debt's picture

GO LONG GOLD COATED SPRAY CANS!!

Mon, 01/10/2011 - 19:36 | Link to Comment TheGoodDoctor
TheGoodDoctor's picture

I was thinking 3D TV's too. I mean line the walls of the vault with them and run some footage from 40 years ago.

Mon, 01/10/2011 - 20:08 | Link to Comment Quinvarius
Quinvarius's picture

Yeah.  Hey judge, please where these glasses when you go into the vault.  LOL.

Mon, 01/10/2011 - 20:24 | Link to Comment knukles
knukles's picture

Huffing gold spray paint securing America's reserves.

Tue, 01/11/2011 - 08:23 | Link to Comment Freewheelin Franklin
Freewheelin Franklin's picture

http://www.truevalue.com/catalog/product.jsp?productId=11280&parentCateg...

 

And yes, it comes in gallons. But for some odd reason, the manufacturer's website is down.

 

http://www.sheffieldbronze.com/

Mon, 01/10/2011 - 17:58 | Link to Comment Irwin Fletcher
Irwin Fletcher's picture

Go GATAm!

Mon, 01/10/2011 - 18:00 | Link to Comment jaap
jaap's picture

+.999

Mon, 01/10/2011 - 18:14 | Link to Comment Clark_Griswold ...
Clark_Griswold Hedge Mnger's picture

Mr. Fletcher, you look strikingly familiar.

Regards,

Clark Griswold

Tue, 01/11/2011 - 00:44 | Link to Comment Irwin Fletcher
Irwin Fletcher's picture

I'm a genius with food additives, Underpants.

Mon, 01/10/2011 - 18:05 | Link to Comment TideFighter
TideFighter's picture

We're off to see the BerWizard, the wonderful BerWizzard of OZ.

Oh, wait, no OZ. Nevermind.

Mon, 01/10/2011 - 18:12 | Link to Comment Sudden Debt
Sudden Debt's picture

better not look behind the curtain or the flying monkey's will get you!

Mon, 01/10/2011 - 21:16 | Link to Comment eftian
eftian's picture

BerWizard to have flying monkeys distribute QE3

Tue, 01/11/2011 - 08:25 | Link to Comment Freewheelin Franklin
Freewheelin Franklin's picture

Helicopter in the shop?

Mon, 01/10/2011 - 18:06 | Link to Comment Clark_Griswold ...
Clark_Griswold Hedge Mnger's picture

Show me the money-...err..., gold, Bitchez

 

Mon, 01/10/2011 - 18:22 | Link to Comment traderjoe
traderjoe's picture

So my question is, IF there is any gold - who owns it? I seem to remember reading somewhere that the UST sold all of the US gold to the [privately held] Federal Reserve at $35 an ounce in the '30's. Is that correct?

Mon, 01/10/2011 - 18:47 | Link to Comment Clark_Griswold ...
Clark_Griswold Hedge Mnger's picture

So the story goes, the US gold at Ft Knoxx, is no more as it is held as collateral for the debt, but at what price who knows.... but I'm sure the crooks, eh I mean bankers got a good price for it.

Mon, 01/10/2011 - 20:03 | Link to Comment Jerry Maguire
Jerry Maguire's picture

The issue I always heard was whether there was any gold at Fort Knox at all.  Some people seem to believe that it was all hauled out sometime in the 1960's and mebbe sent to Germany. 

It's important to know where it is physically, if it even exists anymore and hasn't been turned to jewelry or whatever.

http://strikelawyer.wordpress.com

 

Mon, 01/10/2011 - 18:06 | Link to Comment markar
markar's picture

Hohum. DOJ will just get an injunction against this. National security, you know.

Mon, 01/10/2011 - 18:16 | Link to Comment gwar5
gwar5's picture

I just saw that, came here for the take home

I can't believe the gold is just sitting there not being utilized, when it can be stolen

Time is overdue for it to be moved away from the FRBNY

Ron Paul gave a shot across the Fed bow too...

Competing currencies? Fed accountability?  Careful Ron.

Tue, 01/11/2011 - 00:07 | Link to Comment Terminus C
Terminus C's picture

Ron doesn't have to worry.  It's not like they have every killed any high ranking polititians before...

Tue, 01/11/2011 - 08:28 | Link to Comment Freewheelin Franklin
Freewheelin Franklin's picture

Right. Planes never fly into the sides of mountains.

Mon, 01/10/2011 - 18:14 | Link to Comment frippy
frippy's picture

The Gold might in fact be there but the key question that must be asked: is the Gold "encumbered" or not.

IOW has it been loaned out to another entity?

Mon, 01/10/2011 - 18:16 | Link to Comment DoctoRx
DoctoRx's picture

Thanks ZH for this post.  Wouldn't have found it at my other blogs.

Mon, 01/10/2011 - 18:23 | Link to Comment Mr Lennon Hendrix
Mr Lennon Hendrix's picture

The vaults are filled with golden colored jelly beans.

Mon, 01/10/2011 - 18:32 | Link to Comment MiguelitoRaton
MiguelitoRaton's picture

I'm sure someone will visit the judges chambers and explain that it is in the country's and her personal best interests if she were to simply pass the word that all is well with the Fed and gold...no documents forthcoming.

Mon, 01/10/2011 - 18:46 | Link to Comment Sudden Debt
Sudden Debt's picture

Nop, fair is fair.

Blind Joe may go have a "peek". But no touching :)

Mon, 01/10/2011 - 18:32 | Link to Comment lynnybee
lynnybee's picture

those vaults @ WEST POINT / FT. KNOX have been looted long ago .... long ago..... that was the plan all along .    Where might it be ?  ...... do I dare say ROTHSCHILD'S or will someone junk me ?  ....... I'd love to know what others think on this matter.

Mon, 01/10/2011 - 20:16 | Link to Comment truont
truont's picture

Let's see, there has been no audit of the supposed 8000 tonnes of Amerikan gold since the 1950s. 

Who really thinks that all 8000 tonnes remain unencumbered?

Let me spell it out:  No audit in 60 years means Amerikans are S.O.L.  Amerikans, you have been conquered not by fleets of battleships or squadrons of fighters, but rather by your own indifference and complacency.

Amerika, look in the mirror

And see your enemy.

 

Mon, 01/10/2011 - 18:36 | Link to Comment apberusdisvet
apberusdisvet's picture

I'm sure we will find gold plated TUNGSTEN. or an IOU from the IMF.

Mon, 01/10/2011 - 18:48 | Link to Comment Sudden Debt
Sudden Debt's picture

And I'm sure those Tungsten are AT LEAST 100 MILLS!!

Mon, 01/10/2011 - 22:15 | Link to Comment Hephasteus
Hephasteus's picture

http://www.youtube.com/watch?v=7GSXbgfKFWg

You see that one. That's a missile defense system. 948 trillion dollars. Might want to hang on to that one.

Tue, 01/11/2011 - 00:59 | Link to Comment FrankIvy
FrankIvy's picture

"That's as good as money sir."

Lloyd.

Mon, 01/10/2011 - 18:49 | Link to Comment Ragnarok
Ragnarok's picture

Did someone wack gold? Getting a low print on goldprice...

 

http://www.goldprice.org/

Mon, 01/10/2011 - 19:00 | Link to Comment Sean7k
Sean7k's picture

On gold only, not silver. Whack is an understatement-1358. in one minute.

 

BTFD

Appears to be a flash crash- all back to 1373.

Mon, 01/10/2011 - 18:56 | Link to Comment TheWord
TheWord's picture

Hmmm...somebody should keep an eye on Judge Huvelle after that meeting.  Just to see if she slips down to her local bullion dealer.

Mon, 01/10/2011 - 19:54 | Link to Comment A Texan
A Texan's picture

Hmmm...somebody should keep an eye on Judge Huvelle after that meeting.  Just to see if she slips down to her local bullion dealer.

Either that, or just to see if she slips under a Mack truck.  I just cannot imagine that TPTB will allow any "inconveeeeenient" information to get out, not even (or, perhaps, especially) to a judge.

I'd be watching my back if I were her.

Mon, 01/10/2011 - 19:02 | Link to Comment Turd Ferguson
Turd Ferguson's picture

Don't joke around with this. Very, very interesting development.

Will not kill the EE by Friday but it is definitely another little cut.

Mon, 01/10/2011 - 19:39 | Link to Comment TheGoodDoctor
TheGoodDoctor's picture

Turd what is EE? Sorry I keep seeing this and am either having a memory lapse or didn't know what it was to begin with.

PS Insightful blog BTW. Been stopping over once in awhile.

Mon, 01/10/2011 - 19:49 | Link to Comment Sisyphus
Sisyphus's picture

Evil Empire.

Mon, 01/10/2011 - 19:54 | Link to Comment ssp2s
ssp2s's picture

presently repped by JPM

Mon, 01/10/2011 - 22:03 | Link to Comment CU1981
CU1981's picture

aka - Blythe Masters

Mon, 01/10/2011 - 21:36 | Link to Comment DaveyJones
DaveyJones's picture

GATA - one of the good knights

Mon, 01/10/2011 - 19:07 | Link to Comment Bastiat
Bastiat's picture

$20 gold dip shows up on the spot charts, too. New depths in stop running.  Often stop runs precede a launch.  Not trading that or recommending the trade.  Just getting popcorn ready.

Mon, 01/10/2011 - 19:12 | Link to Comment bernorange
bernorange's picture

More sunshine, less cockroaches.  Sounds good to me.

Mon, 01/10/2011 - 19:13 | Link to Comment Jerry Maguire
Jerry Maguire's picture

The judge is just going to keep the information to herself and profit from it.  She won't make it public. 

Still, this is something.  The story should be followed closely.

http://strikelawyer.wordpress.com

 

Mon, 01/10/2011 - 19:23 | Link to Comment Hephasteus
Hephasteus's picture

Wasn't there supposed to be some sort of fed disclosure to Ron Paul in december? Whatever happened to that?

Mon, 01/10/2011 - 20:56 | Link to Comment knukles
knukles's picture

Three things;

The appetizer was a "No you can't have that part of it on the basis of National Security",

the entree was a but-asst load of redacted blacked out pages,

and dessert was "Sorry, but that's it.  We have no idea whatsoever about what you want."

Seriously. 

Mon, 01/10/2011 - 19:29 | Link to Comment swissinv
swissinv's picture

Has anybody had a thought that US can play the same game as China? How about shorting gold on the derivative market and buying secretly physical gold at the LBMA with extended banking arms? And one day the Fort Knox vault is full of shining bars, of course the gold was always there and it is the day when the US treasury is defaulting on its debt.

Mon, 01/10/2011 - 19:39 | Link to Comment Sean7k
Sean7k's picture

There has been considerable discussion concerning Central banks and who holds the gold. I would not want to be holding the leases when the fat hits the skillet ( see India) and others. There is a reason China built a nice new vault and got there gold away from Britain.

Mon, 01/10/2011 - 19:47 | Link to Comment bigdumbnugly
bigdumbnugly's picture

yes, i have considered that.

trouble is right now it is so opaque no one has a real clue as to what is going on.

Mon, 01/10/2011 - 21:00 | Link to Comment knukles
knukles's picture

If the vaults are empty, there's a hitch....  What, pray tell does one use for payment to purchase all the gold to refill the empty vaults?  Still net net same amount of no gold as you were when you started since you had to create new digital dinero to use to pay for the purchase of the gold. 

Duh-'O.... Probably what somebody whose the Smartest Man in the Room will think of and screw up royal when he tries to fit the round peg in the wrong hole.

Mon, 01/10/2011 - 20:02 | Link to Comment bronzie
bronzie's picture

Google "deep storage gold"

there has been a change in the way the US Treasury reports its supposed gold holdings

back in 2001 "gold bullion reserve" was recategorized as "custodial gold" and then recategorized again as "deep storage gold"

some people suspect that "deep storage gold" means gold that has yet to be mined - if this is true, the "bullion reserve gold" could be leased / sold / stolen and yet the Treasury could still claim to have all its gold reserves in place

and is it just a coincidence that this change was made in 2001?  the current bull market in gold started in 1999/2000 didn't it?

Tue, 01/11/2011 - 08:29 | Link to Comment fredquimby
fredquimby's picture

Nah the current bull market started off with Brown's Bottom - when He sold the UK's gold to Goldman Sachs (where his wife worked at the time)...

Mon, 01/10/2011 - 20:12 | Link to Comment Quinvarius
Quinvarius's picture

I am sure it is there.  The question the documents will answer is who actually owns it.  Questions like, how did so much of Germany's gold get in the Fed basement?  They didn't ship it there.

Mon, 01/10/2011 - 21:01 | Link to Comment Withdrawn Sanction
Withdrawn Sanction's picture

While this does not mean that the Fed will actually publicly announce that its gold vaults are in fact filled with GLD stock certificates, it does put the Fed in an unpleasant position to have to escalate its defense of its secrecy in an increasingly more sensitive topic,

Tut tut boys, what have you got to hide?  I mean, you'd think the Fed would want to convincingly demonstrate how much gold they've got, just they can say, the dollar's as good as gold...or sound as a dollar...or any of the other phrases from bygone days and practices.

The way they're actin', makes it look like they've done something they're ashamed of....hmmm.

Mon, 01/10/2011 - 21:08 | Link to Comment strannick
strannick's picture

If Judge Judy starts buying ABX, we'll know she's gonna release the goods

Mon, 01/10/2011 - 21:33 | Link to Comment RedPacket
RedPacket's picture

Bush = Oil = Saudi Arabia 

Cheap Oil = Cheap Gold = Low Debt = Strong Dollar

Peak Oil = Peak Gold = Peak Debt = Weak Dollar

Follow the thoughts of ANOTHER 

http://www.usagold.com/goldtrail/archives/another1.html

and Friend of Friend of ANOTHER

http://fofoa.blogspot.com/

Speculation:

Fixed Yellow Gold Standard was fixed price, was Pre-Fed and stable for a long while

Floating Black Gold Standard (the Oil and Dollar Standard) was floating fiat + covert physical Gold, the current Fed system and was stable till peak debt and peak oil. Now very unstable and non-linear.

Floating Star Gold Standard (the Peak Oil+Peak Gold Standard) will be Post-Fed and stable.

Bush= Black/Yellow Gold = Saudi Arabia   

Gotta ticket to the other side?

2004: Rothchilds Exits LBMA

2004: AIG Exits LBMA

2008: AIG Goes Bankrupt

2011: Writings on the wall. It's now or never. It's Winner take all.

 

Tue, 01/11/2011 - 08:31 | Link to Comment fredquimby
fredquimby's picture

2011 the year of FOFOA's "RPG" - or Rocket Propelled Gold.... :)

Tue, 01/11/2011 - 00:07 | Link to Comment cranky-old-geezer
cranky-old-geezer's picture

I don't see where Fed gold holdings are relevant to anything.  If the Fed had no gold at all, it wouldn't matter.  FRNs aren't tied to gold in any way.  They're tied to the "full faith and credit of the US government" ...whatever that means ...and it really doesn't mean anything since there's no way the US government will ever pay back all the FRNs.

The US government was declared bankrupt in 1920 thereabouts and taken into receivership by the Fed acting on behalf of (unnamed) creditors.  The Fed has owned the US government ever since, in all respects. 

Fed ordered removal of US government currency from circulation and loaned FRNs into circulation.  FRNs aren't tied to gold in any way.  They're a loan from the Fed to be paid back with interest.  Of course they'll never all be paid back.  It's mathematically impossible.

 

Tue, 01/11/2011 - 04:17 | Link to Comment FullFaithAndCretin
FullFaithAndCretin's picture

+

Tue, 01/11/2011 - 00:45 | Link to Comment Bartanist
Bartanist's picture

Interesting data point.

I took a tour of the Denver Mint today. The tour guide said that quite a few years ago 25% of the gold in Fort Knox was moved to the Denver Mint and he said that it remains there today. He also said that another portion of the gold was moved to West Point, NY.

Tue, 01/11/2011 - 00:48 | Link to Comment FrankIvy
FrankIvy's picture

I still am shocked and numbed on a daily basis that a bank that has control of the economy by Congressional decree is allowed to keep anything secret.

Tue, 01/11/2011 - 07:34 | Link to Comment Arius
Arius's picture

not much.

Do NOT follow this link or you will be banned from the site!