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Sell Gold, Pay Off Debt

This article was written by in Economy. 1 comment.

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?

Updated December 21, 2011 and originally published June 6, 2005. If you enjoyed this article, subscribe to the RSS feed or receive daily emails. Follow @ConsumerismComm on Twitter and visit our Facebook page for more updates.

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About the author

Luke Landes is the founder of Consumerism Commentary. He has been blogging and writing for the internet since 1995 and has been building online communities since 1991. Find out more about Luke Landes and follow him on Twitter. View all articles by .

{ 1 comment }

avatar Jose

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 :)