Gold is a fetish. What other raw material--oil, natural gas, coal, water, iron ore, nickel, lithium, copper, etc.--accrues value because it's never consumed? The gold in Fort Knox has been sitting there since before "Goldfinger." I suppose gold has a few industrial uses, but mostly it has marginal value in the making of jewelry. But $2,966 per ounce?! Ridiculous. The gold in Fort Knox--which has never been used for anything and generates enormous costs to protect it--has very limited utility in the real world. So why all the fuss? Get rid of it. Sell the whole shebang off to some sucker who thinks he's getting something valuable.
I hope you don't mind me sharing that comment along with my share of Kelton's Substack with my Facebook friends. It's attributed to you, of course! It's a great comment! After reading that, I might need to look up Wally's Substack.
I think Trump is enamored with the crypto currency reserve fund idea, especially after the release of his $TRUMP coin. Trump is fool enough to believe a purchase of $100B in crypto will rise in value to eventually erase the $35 T debt. A $100B crypto fund would be the biggest theft of gov money in history.
"The action did not affect monetary policy—it merely replaced one asset (the Treasury notes) with another (the gold certificates) on the Fed’s books."
Is this accurate? An action like this would not affect monetary policy? Have we not taken this action more frequently because we are treating the gold like a strategic reserve? I have so many questions...
Anything that our Grifter-in-Chief gets behind must be a money maker - for he & his crowd of billionaires. If it does anything for America, it will make us poorer and more foolish than we already appear.
They're fulfilling a childhood fantasy. They both probably read the Scrooge McDuck comics (Donald Duck's rich uncle) and identified with him rolling around in his vault full of money.
It's going to cost a fortune to wipe their drool off the gold ingots.
The usual brilliant insight, thoughtfully rendered. Looking forward to more discussion illuminating the crypto-related ploy as it emerges.
My first thought was they would use it for the Sovereign Wealth Fund. Ugh.
There is plenty of material in Fort Knox for federal prisoners to craft toilet seats. Nothing says sovereign like gold throne.
Gold is a fetish. What other raw material--oil, natural gas, coal, water, iron ore, nickel, lithium, copper, etc.--accrues value because it's never consumed? The gold in Fort Knox has been sitting there since before "Goldfinger." I suppose gold has a few industrial uses, but mostly it has marginal value in the making of jewelry. But $2,966 per ounce?! Ridiculous. The gold in Fort Knox--which has never been used for anything and generates enormous costs to protect it--has very limited utility in the real world. So why all the fuss? Get rid of it. Sell the whole shebang off to some sucker who thinks he's getting something valuable.
I hope you don't mind me sharing that comment along with my share of Kelton's Substack with my Facebook friends. It's attributed to you, of course! It's a great comment! After reading that, I might need to look up Wally's Substack.
How about melting it down and making a golden calf 2.0?
It would be grand entertainment to see the uber wealthy prostrate themselves before it.
Read what I said below in the thread, too. More humor.
Another "Juggernaut" Substack writing, Stephanie!
I think Trump is enamored with the crypto currency reserve fund idea, especially after the release of his $TRUMP coin. Trump is fool enough to believe a purchase of $100B in crypto will rise in value to eventually erase the $35 T debt. A $100B crypto fund would be the biggest theft of gov money in history.
It was done in El Salvador. Not of course with the power of US fiat currency, but isn't it still a cautionary lesson?
"The action did not affect monetary policy—it merely replaced one asset (the Treasury notes) with another (the gold certificates) on the Fed’s books."
Is this accurate? An action like this would not affect monetary policy? Have we not taken this action more frequently because we are treating the gold like a strategic reserve? I have so many questions...
Anything that our Grifter-in-Chief gets behind must be a money maker - for he & his crowd of billionaires. If it does anything for America, it will make us poorer and more foolish than we already appear.
They're fulfilling a childhood fantasy. They both probably read the Scrooge McDuck comics (Donald Duck's rich uncle) and identified with him rolling around in his vault full of money.
It's going to cost a fortune to wipe their drool off the gold ingots.
Did they go yet? I haven't seen any headlines.