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Fed Lawyer Alvarez: “The Federal Reserve Does NOT own Any Gold at All”

By: capt_nemo in WRGO | Recommend this post (0)
Fri, 03 Jun 11 12:22 AM | 32 view(s)
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2 Jun 2011
Fed Lawyer Alvarez: “The Federal Reserve Does NOT own Any Gold at All”
Author: goldnews | Filed under: Uncategorized

Thats right. The Fed owns NO gold. Zero, zip, ziltch.

For those of you who did not watch yesterday’s monetary policy hearing in the house of representatives, you most likely missed this bombshell exchange between Federal Reserve lawyer Scott Alvarez and committee chairman Dr. Ron Paul. My jaw literally dropped when I heard the Fed’s general counsel declare that the Federal Reserve owns no gold. After 1934, Alvarez explains that the Fed handed its gold over to the Treasury in exchange for gold certificates. When pressed further, Alvarez noted that the gold certificates do not represent any interest whatsoever in the gold itself. He explained the gold certificate listings on the Fed balance sheet as an essentially ignorable accounting fiction, nostalgically left on the Fed’s books.

http://goldnews.com/2011/06/02/fed-lawyer-alvarez-the-federal-reserve-does-not-own-any-gold-at-all/




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