Ron Paul: Audit the Gold!

Ron Paul explains why we need to audit U.S. gold reserves: to make sure the gold is still there and has not been secretly removed or loaned out. The Congressman also asserts that it’s time to abolish Fannie Mae and Freddie Mac and replace them with free market solutions.

Date: 08/26/2010
Channel: Fox Business

  • Jake

    She call what Ron Paul suggests in liquidating Fannie Mae and Freddie Mac and moving back to a free market economy in housing as radical. Doesn’t she know that the system we currently have in place with Fannie Mae and Freddie Mac is actually the radical solution and what Congressman Paul is suggesting is a move back to the basics of capitalism?


  • toemasie

    Ron Paul is the politician for the common man.

  • polo123man456

    lol I am switching my parties just to vote for him! fuck this bullshit now…….

  • espada9

    WOW this lady is STUPID!

  • Citizen

    WHAT GOLD???

    Oh you mean the gold that FDR stole back in 1933 and put in Fort Knox for safe keeping???
    ITS GONE!!!
    Forget it, the FED Reserve cleaned out that Knox Box long ago and there ain’t no gold.

    The US Mint is struggling to purchase bulk gold to mint the mandated bullion coins that Ron Paul co-sponsored back in 1986.
    Gold mining companies get better bulk sales pricing from”competing currency” countries that value gold much more than US Dollars.

  • CanvassBlack

    I’m a Black independent who votes democrat. I dont argee with everything Democrats say and do. Classifying myself a democrat gives me a personal satisfaction in displaying my independence. I have never voted for a Republican because the republican party’s agenda doesnt benefit me one iota. I’m not wealthy, I believe in certain social programs and services, I dont support the IRAQ & Agghanistan Wars, etc… However Ron Paul is the first Republican I’d vote for. I’d still be independent though.

  • tr45cl45

    his idea “radical”? yeah right. So, having a federal reserve that can’t be audited inflating the currency and devaluating the dallar isn’t radical at all. It’s radical to think that “capital doesn’t come out of a printing press”.

  • knoose

    What a stupid, fear mongering, cunt…

  • sfiorare

    ron paul is a nut case

  • Douglas

    Gold has no value unless someone is willing to do some work for it! However, now it is known and used as a super conductor.


    Another assassination If he becomes a president?

  • TakingBackTheGOP


  • Citizen

    Its SIMPLE, but its not EASY.

    Our founding citizens pledged their

    “Sacred Honor, Fortunes and Lives”

    to defend TRUTH and LIBERTY.

    What we have now is CURRENCY FRAUD, a deception of the highest magnitude perpetrated against the people of this great nation. A government of Self-Serving special interests scheming against the majority of US.

    Gold Bless American and Ron Paul.

  • MG42pillbox





  • isolator86

    do you seriusly think that they will allow this guy to be elected?? or to remove the Federeal Reserve?? they will kill him for sure before he does that

  • Heyokat

    Scream at them? No, they’d remove them. As for the gold, it’s probably sitting ten stories below ground in Switzerland.

  • Dfens

    I cannot fault Ron Paul with anything regarding this Federal Reserve gold fiasco. He has been truthful, as far as I can tell, with everything he has said. I, in fact, support a return to the gold standard. I think it is a good idea and has worked as a basis for monetary values for centuries. The problem is, you’re not getting the full story from Ron Paul, and you’re getting a lot of smoke and hot air from his minions.

    You can’t go to a gold standard with no gold. That’s a no-brainer. In order to cover the current amount of dollars out on the world market with an equal value of gold, we would have to have $15 trillion in gold reserves. At the very best, we don’t have $1 trillion in reserves and, as Ron Paul himself has told you, it is very likely we have much less than that. The Fed has not been audited for a very long time. They could have nothing but a dusty bunch of gold plated bricks sitting in Ft. Knox for all we know. We could go to a fractional reserve system, but we would be no better off than we are now. The current Fed is functionally a fractional reserve system, or they’d have no gold at all. We could cover every dollar with the gold we have, but at best in that scenario we would have rampant inflation which would result in bread being $2,500/loaf. These are not viable economic solutions.

    China has a national bank. It is wholly government run and not private at all. They practice protectionist trade policies against us and the rest of the world. Their economy has grown in double digits for the last 30 years. I think it is obvious that if we as a nation abandoned the “witch burning” rhetoric and the magical thinking solutions, we too could find a way to bring back our economy.

    I would start by realizing the Communist Chinese are not our bestest buddies, take “Most Favored Trade” status away from them, and reestablish tariffs on their goods at previous levels. I would trash NAFTA and the WTO agreements as Ron Paul has recommended, but I would certainly not replace them with a “unilateral elimination of all tariffs” as he has recommended. That would make the sucking sound grow lounder, and that’s not helpful. We don’t need more jobs flowing out of this country, we need more jobs right here and right now. We also need to make some common sense reforms on the way our government buys goods and services. They should not pay for a pig in the poke. They should pay for results, not process. That much is again, a no-brainer.

    Once we do those things and get our economic house in order and have a positive cash flow balance, then we need to invest that balance in gold and possibly some other commodities and go back to a commodity based money standard. We don’t have to have all our debt paid off to do that, but we need to have a positive cash flow to do allow our government to accumulate whatever commodities we are going to use to back our money. You can’t buy gold with debt and call it money. That’s crazy talk. You can buy gold when the country is making money, that’s reasonable and would probably help speed our recovery in getting out of debt.

    No pie in the sky. No scapegoats. Real solutions for people with heads on their shoulders. That’s what I want.

    • GB

      Your (erroneous) concern about the quantity of gold is allayed in paragraph 15 and following of the article in the link below. Read up.

      • Dfens

        That’s all crap, GB. No gold, no gold standard.

    • Libertarian777

      Dfens, well reasoned concerns.

      One thing I wanted to say is Ron Paul actually isn’t only talking about a gold standard. He knows (as you’ve pointed out) that you cannot go to a gold standard overnight. Obviously, as you pointed out, there isn’t enough gold to do that.

      But this is why he’s wanting competitive currencies to be allowed. Doens’t mean the Fed has to back each current dollar with gold, but you, and me and everyone else can be allowed to use gold coins as legal tender.

      The government isn’t even consistent in it’s stance. On one hand if you use a gold eagle (face value $50) to pay your employees (or for any other good), the IRS wants to tax you on the value of the coin ($1250). But if the government confiscates your gold eagle, they will give you $50 in federal notes (actually $42.xx which was the last set rate). Ron Paul wants to eliminate that kind of double standard.

      That way, when, for e.g. I go buy a car, I can tell the dealer, I’ll pay you 20 gold coins ($300 gold dollars) or $25,000 in FRN. I should have the choice. That’s all he’s asking for now.

      Even if we did go to a gold standard, my feeling is Ron Paul would want to follow the constitution and let each state coin its own money. He wouldn’t want the federal reserve or US treasury to hold all the gold in ‘safekeeping’, since again the problem of central government arises (who audits the gold!). He would probably let each state issue and maintain its own gold.

      If any state started debasing their coins it would quickly become apparent and it’s coin would fall out of favour. On the other the one place the federal government COULD get involved, is the actual true meaning of the commerce clause, where, for e.g. one state doesn’t accept another state’s gold coin. If the federal government certifies that state A’s gold coin is pure and not debased, then it can enact legislation to say that state B cannot reject such coin as payment.

      Overall I do agree with you though, that no one should follow anyone (even Ron Paul) blindly. That’s what scares me about the ‘Tea Party’ movement now. It’s gone from a grassroots movement to a right wing movement. People wanting to burn koran’s etc. It’s typical in times of economic crises to look for scapegoats. Be they immigrants, foreign cultures/beliefs/religions or just someone who doesn’t look like you. Hitler (although he’s all to often invoked) scapegoated the Jews. While the German population was blindsided with that, he consolidated more power.
      Hugo Chavez is scapegoating the US, as is North Korea. Robert Mugabe is trying to scapegoat Britain for its economic ills (destroying productive farms had nothing to do with it apparently). etc. etc.

      • Citizen

        I posed the same question of Forest when he said that gold and silver coin ARE Legal Tender. They are NOT.

        And as I asked Forest earlier , “which is it?”
        The Government wants it both their way,
        Confiscate gold at it Face Value when they want it
        BUT in the mean time
        They prosecute and imprison those who might pay in face value, while demanding tax collection on the market value of the Gold and Silver.

        Damned if you do, Damned if you don’t
        The people are all CRIMINALS except for Congress

    • Citizen

      Point by Point
      Devaluation would be necessary to “adjust” the currency to REPLACE the Fed Res Notes. A exchange rate of 100:1 or even higher might be necessary. This assumes commodities would be devalued to match the new currency. A loaf of bread would be $0.20 cents a loaf not the the $1.50 to $3.00 a loaf it is now. Average home prices would drop, from $235,000 to $2,350. in new gold back currency.

      The $14 Trillion National Debt is nothing compared to the projected Unfunded Liabilities that have been written into law which is $110 TRILLION, a catastrophic number that represents 5 fold more money then exists in the entire world.

      ChiComs, are recent Neo-Capitalists converts who discovered how to exploit their oppressed peasant population. Mao’s “Peoples Revolution” succeeded at setting the Chinese people back some 200 years in economic standards. Only recently (last 15 years) have they learned how to use America’s consumerism to exploit their idle under utilized mass population, indeed Wal-Mart has been a champion at that exploitation. NAFTA and the WTO are gerrymandered solutions, a band aid on a bullet hole approaches to equitable trade
      But even this huge trade imbalance can’t last much longer, the dollar will collapse and the Chi-Coms, and others, will refuse to buy our Bonds and T-Bills.

      Like it or not, the FRN’s will soon be worthless and people will be forced to adopt alternate currencies as a store of value, gold and silver are the historical world default. But the Congress and the FED won’t allow Ron Paul’s “Competing Currencies” or “Allow gold and silver as Legal Tender”
      If you attempt to pay your bills with Swiss Francs or Silver coin, you are breaking the law and subject to imprisonment and fine.

      The US Government has THE monopoly on THEFT by currency manipulation and they HATE COMPETITION. The $110 TRILLION of unfunded liabilities are not paid for, they are simply STOLEN and RE-DISTRIBUTED to Government Entitlements and Crony Capitalists.

      Defensive tariffs and restrictive trade policies are the LEAST of our CONCERNS

    • Douglas

      What if the Central Bankers do not care if China takes over? China has already agreed to a ‘World Currency System’. The point I want to make now is that the Central Bankers are playing a game that they are not sure they can win. What if they lose control just like they did with Hitler?

  • RC365247

    I am British/Welsh but to my shame I once despised Ron Paul because of my blinkered outlook and misguided views! I now have nothing but admiration now for this giant of a man, dare I say a hero of our time!

  • Out9922

    Love Ron Paul