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In terms of proportion, it is more like if someone walked into Fort Knox to count the gold and discovered that it was all missing. Sure, it doesn't discredit t
by bpodgursky 9y ago
In terms of proportion, it is more like if someone walked into Fort Knox to count the gold and discovered that it was all missing. Sure, it doesn't discredit the * concept * of state-backed currency, but it would be informative.
- smcl 9y agoSlightly related - there's weird (probably unfounded) suspicions around gold stored in the US on behalf of some countries. May or may not have led to things like Germany repatriating its gold reserves: http://www.zerohedge.com/news/2017-02-09/bundesbank-has-completed-gold-repatriation-new-york-fed-three-years-ahead-schedule http://www.zerohedge.com/news/2017-02-09/bundesbank-has-comp...
- bpodgursky 9y agoYeah, I was going to use the NY fed reserve bank as an example, but I know about the rumors and didn't want to open that can of worms.