Posted by Thomas Woods on 11/13/09
Last updated 11/13/09

Robert Wenzel recently asked this question over at Economic Policy Journal.  An excerpt:

They are hiding something here that they don't want the general public to see. I suspect it might have to do with gold transactions. It's just a gut feeling, but my gut tells me the Fed leased out most of, if not all, of its gold somewhere under $500 per ounce, probably under $350. Thus, in order for central banks, who borrowed the gold (and then sold it to raise cash), to pay the Fed back in gold, they would now have to go and buy gold back at three to four times the price they sold it at. In other words, a number of central banks aided and abetted by the Fed are now short huge amounts of gold and are losing more money everyday gold ticks up. And the Fed is in the embarrassing position of having loaned the gold out and is afraid to call in the gold loans, since it would put enormous pressure on parts of the central bank cabal and push the gold price much higher, the exact opposite of the Fed's intentions when they leased the gold out.

Read the whole thing.

Posted 11/13/09 openvictoriopeak castries, Saint Lucia

There is no doubt in my mind whatsoever what the Fed is hiding --- 100s of billions of dollars being funnelled into Israeli coffers!! Now, who will be willing to touch THAT one???

Posted 11/13/09 sequoiahugger Portland, OR

Can anyone please tell me more about Robert Wenzel. Who is he,; what does he do; does he have a degree (if so, from where and in what?); etc.? His arguments are clearly Austrian and his suppositions intriguing.

Posted 11/13/09 BruceKoerber Cedar Rapids, IA

http://moneyandethics.blogspot.com/ Friday, November 13, 2009 Did The Federal Reserve Sell Off America's Gold Supply? Will there be a total economic collapse from the outside or a collapse from the inside? Will the dollar be recognized as basically worthless because the creditor nations finally realize that they will not get paid back? Or will the dollar be recognized as worthless because the Federal Reserve has completely sold off America's gold supply by trying to manipulate the gold market over many years? This is what an audit will reveal! Is there any wonder why the Federal Reserve is in a panic about HR1207? It is time to stop the criminal counterfeit ring of the unConstitutional coup.

Posted 11/13/09 RhysW ann arbor, MI

@openvictoriopeak if there's no doubt in your mind, what will you do if you're wrong? Are you willing to touch that. for every 10 of you, there's a 1000 of us, but people only notice you. sucks

Posted 11/14/09 Glenn Cumming, GA

Thanks for putting this article up, Thomas Woods. I would not be surprised if, after having to buy the IMF gold at the highest prices, a massive market intervention occurs and India is forced to sell at a large loss. Maybe I'm connecting the wrong dots, but a similar event happened with the OPEC nations in which they bought gold at high prices with the proceeds from oil sales, then mysteriously oil prices dove and the countries were forced to sell gold at a huge loss. Of course, the Fed doesn't want anyone to know about their role in that fiasco.

Posted by Thomas Woods on 11/05/09

Young Americans for Liberty at the University of New Hampshire has been holding a week-long series of activities called Revolution Week.  As part of the festivities, I'll be speaking tomorrow on the myths and truths of the economic crisis, in the Memorial Union Building at 5:30pm.  Scott Horton of Antiwar Radio will open with remarks of his own.

On Saturday I'll be speaking in Concord, New Hampshire.

I thoroughly enjoy the chance to visit my native New England, and I hope to see a bunch of you there.

Posted 11/06/09 Son Of Liberty Erie, PA

awesome activism!

Posted by Thomas Woods on 10/14/09

On October 20 I'll be speaking in Hartford alongside an insurance company executive (who will take the opposing view) on the subject of "Too Big to Fail" and the economic crisis in general.  Each of us will make a 40-minute presentation, followed by Q&A from the audience.  I'd be thrilled to see a sizable contingent of the good guys (i.e., you all) there.  Sorry you have to pay to get in; that's the University of Connecticut School of Business' decision.  But it would be great to see you there.  (See more upcoming events here.)

Posted 10/15/09 Matt Holdridge Arlington, VA

Tom, I have a thought and question that you may be able to comment on. I've noticed a trend while reading various books/articles on the evolution of the American monetary system. It appears, unless I'm reading wrong, that our history shows the "common people" such as farmers, rural residents, and laborers, have historically supported an inflationary system. I think of states such as Maryland (among others) following the Revolution who wanted to preserve their paper money or the "silverites" in the late 19th century who wanted to inflate the currency. It seems that they viewed inflation as a populist movement that favored the debtor (farmer, laborer, etc) over the creditor (banks, leaseholders, and landlords). What seems odd, is that now appears to be one of the few times in history that a populist movement is springing-up around a gold standard/sound money. Do you find this strange and do you think if we returned to sound money that people would quickly clamor for an inflationary system again? Is the Federal Government and the Federal Reserve simply giving people what they think they want, an inflationary system that favors debtors over creditors? Or is it possible that these "populist movements" of old didn't understand that the Federal Reserve actually benefits the creditor through the use of inflation? Interested in your comments.

Posted 10/15/09 Thomas Woods Auburn, AL

Good question, Matt. I think it depends in part on where the new money is injected. The present system favors the banking system and the financial industry in general. Any alleged benefits it might confer on the average person are not immediately obvious, such that people would instantly know to thank the Fed. Also, Rothbard shows in his 4-volume Conceived in Liberty that in colonial days it was men of prominence who really pushed for paper-money schemes. Moreover, it's not so clear who is a creditor and who a debtor when everyone has a 401K, holds bonds, etc. But certainly in the 20th century we have not seen anything like the opposition to the Fed, central banking, and inflation that we are seeing now, in terms of people being knowledgeable, alert, and active. I think it will only intensify.

Posted 10/15/09 Matt Holdridge Arlington, VA

Thanks Tom!

Posted by Thomas Woods on 10/01/09
Last updated 10/02/09

If you live in South Carolina or Georgia (or thereabouts) I can recommend a couple things.  On Saturday, the Mises Institute is having a one-day event in Greenville, SC called "Depression, Monetary Destruction, and the Path to Sound Money."  Speakers are Doug French, Thomas DiLorenzo, Robert P. Murphy, Jeff Tucker, and me.

Tomorrow night I'll be speaking on the free market and the economic crisis (a different talk from the one I'll give the next day at the Mises conference) at Furman University, Plyler Hall, Patrick Lecture Hall, at 5:30pm.

Posted 10/01/09 AdamCabrera Upland, CA

Thanks for sharing Tom! Please come out to southern California! We appreciated you speaking at the Vegas conference!

Posted 10/01/09 SurveyinSC spartanburg, SC

I AM looking for something to do tomorrow night! I wouldn't miss it.

Posted 10/01/09 TruthSaga San Jose, CA

Tom, What would it take to get you out to the Bay Area, CA?

Posted 10/01/09 Thomas Woods Auburn, AL

TruthSaga: Some organization would have to invite me.

Posted 10/01/09 Mike Roux Rock Hill, SC

..and if you can't be there, be in Rock Hill, SC for a Freedom Rally. Speakers include: * Jamin McCallum: Iraq War veteran, CPA, potential 5th district candidate * Park Gillespie: ran for Congress in SC in 2006. Political advisor to people such as Rep. Ralph Norman (Dis 48) and Rep. Mick Mulvaney (Dis45) * Rep Gary Simrill: State Senator for District 46. Ways and Means Committee * Rep Larry Grooms: State Senator for District 37 since 1997. Running for SC Governor in 2010 * Patrick Henry, Founding Father who is considered as one of the most influential in bringing about the American Revolution. He was also the first post-colonial Governor of Virginia. 3:00 at the amphitheatre downtown. The weather should be perfect.

Posted 10/05/09 Linda APO AP, Japan

Couldn't resist posting this, Tom. http://media.photobucket.com/image/ferengi/renesigma/dollarlatinumesp.jp g?o=184

Posted 10/25/09 CrystalEveritt melbourne, FL

That was a great event. I really enjoyed listening to you speak Tom.

Posted by Thomas Woods on 09/21/09

This week left-liberal and socialist opponents of globalization will protest the G-20 meeting in Pittsburgh.  But you don't have to be a left-liberal or a socialist to oppose the G-20's agenda.  Campaign for Liberty is co-sponsoring an event tomorrow night at Pittsburgh's Soldiers and Sailors Hall at which G. Edward Griffin and I will be speaking.  Hope to see you there.

Posted 09/21/09 Son Of Liberty Erie, PA

Hope all the Pittsburgh Ron Paul and C4L supporters show up! Hit downtown with flyers!

Posted 09/21/09 BruceKoerber Cedar Rapids, IA

I am from Pittsburgh but I now live in Iowa. Thick politics is what set up Pittsburgh for the wasteful G-20.

Posted 09/22/09 stritzm APO AP, AP

Give em a slice of liberty Mr. Woods

Posted 09/22/09 Son Of Liberty Erie, PA

Get the Tea Partiers and 9.12ers there too! And the local GOP!

Posted 09/22/09 js3405 mtn grove, MO

This week left-liberal and socialist opponents of globalization will protest the G-20 meeting in Pittsburgh.?????? The campaign for liberty is not about left or right mr right wing posing as a friend of liberty. Maybe you should reread the mission statement and stop using the power of the campaign for liberty to further your agenda and come together as one voice for freedom

Posted 09/22/09 BrendonDeMeo North Chelmsford, MA

js3405 you need to get your facts straight before you go on the attack. #1: The G20 summit protestors are generally left-liberal. Left-liberal means they favor bigger government, this is a far cry from Classical liberal. There's also tons of socialists at G-Insert Number summits, members of Rage Against the Machine as well as communists attend en masse. #2: The socialists and bigger government folks are completely incompatable with our cause which YOU would know if you read the mission statement. We can't come together with them as "one voice for freedom" when their philosophy is fundamentaly anti-liberty. They don't trust freedom, which is why they're there protesting economic freedom (capatalism) as if the G20 is somehow captalist. I also think there's a lot of globalist astroturf NGO's there which promote a progressive, anti-human, anti-liberty agenda as discussed in the John Birch Society movie on the United Nations. http://masslpa.org/content/video-un-deception . According to a correct political paradigm we are a rightwing group as we favor less government and People's Law (or even anarcho-capatalism as some do). #3: Tom Woods is an extremely important part of C4L, he attends nearly every Conference and holds other C4L related events - I doubt you could do as much for the liberty movement as he does or has, especially since you're the one coming here trying ruin our "one voice for freedom" by making stupid statements and criticizing someone.

Posted 09/27/09 js3405 mtn grove, MO

I stand by what I posted why don't you go on youtube and type in g-20 protestors and you can see for yourself who was protesting A very small group were anarchist the rest were just normal americans who are concerned about the new world economic order. You guys really need to quit believing everything you see spun on TV or hear from Rush.

Posted 09/27/09 js3405 mtn grove, MO

Most that you think are against "Capitalism" are really against corporationism and have no problem with free market capitalism which is why ron paul has the support that he does from the people you are calling socialists and leftist. I actually talk to people on the left everyday because I know we need to educate them on the difference. I also have our mission statement posted on all my sites on the internet so I think I have a pretty good idea what we stand for. This movement was started by people like me who think like ron paul who said "freedom is popular" Divisive statements and name calling will get us no where so that is why i posted what I did.