America May Need a Debt-Swap
India, Aug. 16 -- U.S. Senator Rand Paul visited the Gold Depository at Fort Knox located in the State of Kentucky that he represents in the U.S. Senate. Senator Paul spoke by video message about the U.S. government holding about a hundred and forty-seven million ounces of gold, with about half of it stored at Fort Knox, and the other half at the Denver Mint. At the current market price, the gold is worth about $647 billion. However, the national gross debt has surpassed $39 trillion, and when combined with federal employee and veteran benefits obligations, total liabilities sit at roughly $45.5 trillion. Thus, the gold reserve would meet only a small fraction of the liabilities. Meanwhile, the US Federal Government runs annual deficits o...
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