The One "Audit" of Fort Knox


"If audit was accurate, nearly 80% of gold went overseas. . ."

The only audit that has ever been done of the gold inside Fort Knox was done days after Dwight Eisenhower became president in January of 1953. After 20 years of Democratic presidents, the American public wanted to be sure that the gold confiscated from them was still there. Thus, the new president ordered an audit within hours after taking office.
  1. The central problem—it wasn't much of an audit. To sum it up:
  2. Representatives of the audited group were allowed to make the rules governing the audit. No outside private experts were allowed.
  3. Those government bureaucrats involved were inexperienced in their tasks, by their own admission.
  4. The entire audit of the largest gold hoard ever concentrated in history lasted only seven days.
  5. Only a fraction of the gold was actually tested. Later, officials put this fraction at just 5%.
  6. Based on that, the official committee reported that, in their opinion, all the holdings would have matched their records if they'd all been tested.
  7. If the audit was accurate, the fact remains that almost 80% of it went overseas in the coming years. If the audit was not accurate, the amount of gold lost could have been even more.
This one and only audit reassured the America of 1953. But that America was still used to accepting official government statements at face value. Later, after all the lies connected to Vietnam, Watergate and so many things since, Americans today have lost their respect and belief in the words of their government. (Few today even view it as "their" government.) An audit such as the one of 1953 would today satisfy almost nobody.

If honest money is ever to be seen, we will have to see a complete separation of money and state. The State has had its chance to control money: It has made a mess of it.

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