It seems that there are still those who are supporting the illusion of the Global Accounts as being some kind of great savior or another. However, the question that begs to be discussed is whether there is any reasonable justification in believing that at some point there will be some means by which to make available the gold that’s represented by the Global Collateral Accounts for the use of the world’s people.
People swear that the bonds that supposedly were issued in exchange for gold are valid and that others have seen bunkers full of gold. I don’t disbelieve any of these statements what I find hard to believe is that based on the available facts there will ever be a way to recover the amounts of gold that is represented by the Global Collateral Accounts.
First, let’s take a look at where the world’s gold is to be found and how much gold are we really talking about. According to an estimate based on all available information in 2011, 49.2% of the world’s gold was in jewelry, 19.26% was in investment form (bars, coins, etc.), 17.2% was held by all of the world’s central banks and governments, 12.14% was in use for industrial purposes, and 2.2% was unaccounted for (probably on the bottom of the ocean).
The estimated amount of total gold ever mined on this planet is approximately 171,300 metric tonnes and at a value at $1500 per troy ounce that gives you a total value of about $8.2 trillion. Now with the distribution breakdown that was given above the value of the amount of gold held by all of the central banks and governments is only about $1.41 trillion dollars. [A little side note; that puts roughly about $4.0 trillion in jewelry, hence, the reason so many people are willing to buy your old gold jewelry]
The U.S. according to the U.S. Treasury at the end of September 2014 had about 8,133 metric tonnes of gold with a value of just over $11 billion. I question the 8,133 number as the export/import figures for the amounts of gold going into and out of the U.S. from 1991 to 2011 shows that we shipped over 5,000 tonnes more gold out of the country than we imported. That raises the question as to where did the gold come from to send that much out of the country?
According to numbers I saw tossed around about how much would be owed to the holders of those notes that were issued in exchange for the gold represented by the Global Accounts I heard numbers in the trillions of dollars. If they are expecting payment in gold then the U.S. doesn’t even claim to have enough to do that with and knowing how much we have been shipping out without offsetting shipments in I would guess that they are definitely a lot shorter than that.
Even if the numbers used to estimate the total amount of gold on the planet is low they are not going to be that far off. Gold isn’t that plentiful on this planet, that’s why it is so valuable to begin with and has been chased after since man first discovered it.
I don’t doubt that people have seen bunkers with gold in them. Marcos while he was in control of the Philippines required that all gold sold there had to be sold to the government. He supposedly then routed all that gold into bunkers that he had built underneath all of the palaces that he lived in. I’m sure that people actually visited those bunkers and saw lots of gold stacked in them but that is not going to help the situation with the Global Accounts. It doesn’t take a lot of gold to look like an enormous amount, it’s rather bulky.
The question then is how do you know that the U.S. government even has any gold to pay someone off with? If there is no gold to use to pay off the debt even to the tune of the original amount what are they going to do, accept dollars?
Not only do I have a problem believing that there is enough gold in the coffers of the U.S. to pay off this debt but I also have a problem with the notion that you could find a U.S. judge that would entertain allowing a lawsuit that could devastate the U.S. economy.
I have the same attitude toward this as I do toward those protesters who believe that the Internal Revenue Code is illegal and that a Federal judge would ever rule in such a way as to declare it null and void. I simply ask the tax protester if they really think that a judge would intentionally put themselves in the history books as being the one person who singlehandedly brought the entire U.S. economy to a crash. After a bit of thought they usually see the rational point that regardless of whether the law is right or wrong no judge is going to do something so stupid.
Imagine if you will a lawsuit coming before a Federal judge involving the issue of the Global Accounts. If I was a judge my first move would be exactly what the judge in the original case did. I would set the stage for a dismissal based on lack of jurisdiction. You’ve got a case that when you get down to the base elements is between foreign nationals and the U.S. government.
Here’s the problem with that case; U.S. case law establish sovereignty against a suit being brought against the government unless you have the government’s permission to sue them. Not much chance that you’ll ever get that permission.
Then if all else fails, the fact that there are no Treasury records that even shows that notes in the denominations depicted have ever been printed by the Treasury is prima facie evidence that the notes produced are fakes. No way that there isn’t enough reasons that a Federal judge can find that will guarantee that the outcome of the case will be any thing other than in favor of preventing harm to American citizens.
So real, fake doesn’t matter the outcome is going to always be the same.