Chalk up a hair-brained idea from the Congressman from Texas. While we are at it, why not just sell off the Brooklyn Bridge, Yosemite, Yellowstone and the Everglades. And to think that I actually believed he was very solid on monetary matters.
The Republican party, which by the way has control of the House of Representatives, could simply refuse to raise the debt limit and insist on obtaining strict spending cuts to get the US economic house in order but that would require something that most of our elected representatives do not have. AFter all, all spending bills are required to originate in the House. If the House does not approve the spending bill, the money cannot be spent.
Instead the proposal reeks of the same sort of desperation seen by spendthrifts who end up scouring their old dresser drawers and boxes in their closets looking for family heirlooms and other valuables to go hock at the local pawn shop. The very fact that this idea is actually floating around out there fills me with complete disgust and disdain for the political class. These damn fools spent us all into the toilet and now are considering having to sell what belongs to the US citizenry to cover their rear ends.
Study history - the nation with the most gold will be the nation which holds economic supremacy. Here's a bit of advice for the pols in Washington, including Mr. Paul - stop spending money you do not have. It is not your money that you are spending; it is ours and our children's money.
This is one of the few times that I believe the spokesman for the Obama administration makes sense.
If the US was wise, it would be the first to introduce some sort of gold backing to its currency (after significantly upwardly revaluing the official price at which those holdings are currently valued). That combined with serious attempts to rein in the out of control spending and pro-growth policies would enable the US to begin to grow its economy and create the necessary jobs to supply the desperately needed revenues that the policy makers are looking for.
Of course, if they actually did sell it, India and/or China would gobble it all up in one fell swoop.
See the entire article here.
Selling Gold at Fort Knox Emerges as Next Big Question in Debate on Federal Debt Limit
Congressman Paul Endorses the Idea, Amid Showdown Between Congress, Administration
By DAVID PIETRUSZA,
Special to the Sun | May 17, 2011
NEW YORK — The next big question on the federal debt limit could be whether to start selling the government’s holdings of gold at Fort Knox — and at least one presidential contender, Ron Paul, has told The New York Sun he thinks it would be a good move.