Mark Cuban from Blog Maverick believes the country should sell its gold reserves in order to pay down national debt. This plan assumes that the amount of held gold reported actually exists in storage. It’s a safe assumption unless you’re a conspiracy theorist. Fort Knox would be an expensive operation if it was protecting nothing.
If money is basically created on thin air now that is not based on or backed by any standard, why bother paying the debt off at all? Who will come collecting for payment on the national debt?
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6:55 am (reply)
Agreed. If money is made out of pure confidence… keep the gold.
If the debt gets to the point where people loose confidence on the US, print more money (worthless) to pay the debt, and use the gold to save the nation :)