There is no Gold Backing the Fed's Gold Certificates.

#money #debt #currency #dollar

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Today I spoke with Clive Thompson about the Gold Reserve Act of 1934 and how through that act the United States took control of all the gold bullion and coins belonging to the Federal Reserve System.

The gold certificates issued to the fed by the treasury are redeemable in lawful money and not gold according to the law so the Federal Reserve's balance sheet has no gold backing.

What this means is that the Fed lost its status as an independent agency in 1934 and the Act of 1934 allows the United States to force the Fed to buy Treasury debt.