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Get Ready for Some Major Disinformation about America's Gold

An audit of the gold held at the New York Federal Reserve has been completed and the disinformation campaign has started. Notice how LaTi reports the story:

The U.S. government’s gold in New York is safe in a vault underneath Manhattan, and some of the precious metal there is purer than previously thought.

The problem with this is that the gold held at the New York Federal Reserve is not "The U.S. government’s gold." It is gold held, for the most part, by the Federal Reserve for foreign countries.

LaTi goes on:

That’s according to a first-ever audit conducted last year by the Treasury Department of U.S. gold on deposit at Federal Reserve banks in New York and elsewhere.

This is curious because it is the government conducting the audit. That's like having Bernie Madoff's brother auditing Bernie's customer accounts. Why wasn't an independent auditing firm brought in? And since the gold is held for countries like Germany, why didn't Germany and others who have gold on account get to pick the auditor?

http://www.economicpolicyjournal.com/2013/02/get-ready-for-s...