Master and Commander
The Collapse of the Central Banking System Has Begun
JOE LANGE
JAN 25, 2023
(badlands.substack.com)
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Math doesn't work. We owe $34.5 TRILLION fed dollars. The US Government holds $11 billion in gold.
Who's responsibility is a Fed Dollar?
How did you decide the value of the gold?
Congress is ultimately responsible.
I decided the value of gold based on the highest price a trustworthy entity was paying for the form of gold I own.
Why is Congress responsible for a privately owned bank?
Is the value of gold fixed?
Because the Board of Governors is confirmed by the Senate and reports and is "accountable" to Congress. The 12 Reserve banks do have their own board of directors and are incorporated separately.
That depends what you mean by fixed. The spot price of gold is largely determined by futures contracts. Which is a bit interesting because most of these contracts are initiated by buyers that aren't intending to take delivery of physical gold. There is also a gold fix from the London Bullion Market.
Central banks and large traders can certainly influence pricing.