What I love about this article is about half or 2/3 of the way down he talks about how to restore the gold standard. I always here we only have $11 billion dollars in gold reserves at Fort Knox, but what I didn’t realize was that the government uses it’s rate of $42.22 per ounce. Using the more accurate market rate of lets say $850 (I think it’s around there) per ounce, we actually have $223 billion in gold reserves.
The important part though is how many ounces of gold we have, that way whatever the value of gold per ounce, you can always calculate the value of the gold we have in reserve at Fort Knox. We have 262.9 million ounces of gold btw.
And you’ve actually seen this gold you speak of at Fort Knox?
Um, $223BN is a bit less than the dollars in circulation.
Just a weeeee bit.
Going back to the gold standard would tank the world economy.