9 Trillion missing in the Federal Reserve

[servantx]

Okay, which of you went back in time and dug up the gold that suppose to belong to the Fed Reserve of the U.S.?

Now the gold is gone, U.S. dollar is no longer backed by the gold. And the U.S. lost 9 Trillion dollars over the years. You evil evil time travellers..

(Just a joke, don't treat it real. But great questions in the video and marvelous answers....)

 

[Skarpz]

I am a Time Bandit. Woo! Power to teh People!!!!

I didn't take it but I know who did. =P

I told the MIB not to mess with me and this is what happens. Again, I did nothing.

P.S. keeping up the ficitonal theme here.

 

[servantx]

I am a Time Bandit. Woo! Power to teh People!!!!

It is not Power to the People but creating another 1%.... .

 

[Skarpz]

Ummm, I am the new one percent....

 

[Gpa]

This is one of the many things that pisses me off about the Federal Government. They are not held accountable for hundreds of millions of dollars "lost" every year yet, the Constitution requires an accounting. Let some private corporation try getting away with this type of accounting. The CEO and CFO would find themselves sitting in front of the Congress explaining where the money went, facing harsh questioning and criticism for not better handling their investors money. These same bastards that give no accounting for "their" investors money, the taxpayers, of which I am one, put on this "show" for their constituents. What hypocrites! I have never been in a Congressional bathroom but it wouldn't surprise me if they don't wipe their asses with 100 dollar bills and that's one of the many ways they "flush" OUR money down the drain.

 

[Skarpz]

There's a way out. I have a plan. I'll be waiting on the corner of Church and State.

 

[Darby]

Now the gold is gone, U.S. dollar is no longer backed by the gold.

Thanks for the video.

Just so you know, the US left the gold standard in 1971. The US dollar hasn't been backed by gold since then. It is simply backed by "the full faith and credit" of the US. "Missing gold" (if it is actually missing) had nothing to do with the video. He was talking about balance sheet items, specifically loans, notes, bonds, etc. receivable, which go in the top half of a balance sheet as an asset. Of course, if they are potential uncollectible loans then they are not very secure as an asset.

What he was really asking is who were the loans issued to, for what purpose, how were they secured by the borrower and who at the Fed is responsible for tracking the asset.

The bulk of the funds are parked in the off-balance sheet accounts. They don't show up on the balance sheet. They are there providing the banks with their statutory lending reserves - that they don't actually have.