I had a conversion with somebody who suggested that Fort Knox had enough gold to cover all US currency. Hence, I’ve set out to determine exactly how much fort Knox could cover?
Per http://www.galmarley.com/FAQs_pages/commodity_essentials_faqs.htm Fort Knox has 8,139 tonnes or about 6% of the worlds supply. This converts to 291706904.74258804 Oz little less than 300 million oz. at $1,000 per oz this comes out to billions of dollars:
$291,706,904,742.59 and only our national debt alone is:
$12,362,645,xxx,xxx.xx Lower 100,000s advancing to fast to make writing down the number possible.
us debt.
UPDATED: He said money in circulation (as in printed not money created by the creation of making loans) – my bad. However I am thinking about all capital which includes the banks leveraging the money in their vaults, giving that money out as money, then getting it deposited into another bank which again leverages the money out. The process know as fractional banking.
