Monday, December 31, 2012

If the Chinese Raided Ft. Knox, What Would They Find? (1/4 of What We Owe Them)

A great scene in the James Bond film “Goldfinger” is the dawn raid on Ft. Knox where Goldfinger and his Chinese henchmen break into the vaults and attempt to set off a nuclear explosion.
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Fast forward to today. Chinese is the larger holder of Federal debt outside of the US ($1.16 trillion), while Japan holds $1.13 trillion. The Federal Reserve, of course, is the largest holder of the Federal debt overall.
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Ft. Knox in Kentucky allegedly holds 147,200,000 ounces of gold bullion. At today’s price of $1,655.80 per ounce, a raid on Ft. Knox would yield $243,733,760,000.00 (or $243 billion). Or just about one quarter of the amount we owe China.
Stated differently, the entire gold reserve in Ft. Knox is not quite 25% of the current Federal budget deficit FOR ONE YEAR! THAT is how big of a problem government spending has become.
Of course, I don’t recommend that Goldfinger, the Chinese or Japanese raid Ft. Knox. But it might make for a tempting target for Democrats and Harry Reid trying to raise even more money to spend.
goldfinger
Is it my imagination or has Harry Reid gained a lot of weight since re-election?

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