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Ron Paul Subcommittee Hearing - 6/1/11 - FED Has No Gold

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Uploaded on Jun 6, 2011

www.PatriotsOath.com

During Ron Paul's subcommittee hearing, the federal reserve's lawyer stated below...

Scott Alvarez: "The Federal Reserve does not own any gold at all... we have not owned gold since 1934, um, so we have not engaged in any gold swap. Before 1934 the Federal Reserve did, we did own gold. We turned that over by law to the Treasury and received in return for that gold certificates."

Ron Paul: "...You have the securities for essentially all the gold?"

Scott Alvarez: "No. No we have no interest in the gold that is owned by the Treasury. We have simply an accounting document that is called gold certificates that represents the value at a statutory rate that we gave to the Treasury in 1934″

http://goldnews.com/2011/06/02/fed-la...

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