Glenn Beck argued on his radio and television programs Wednesday that if what he suspects is true, it could bring about an unprecedented financial crash on a global scale. His radio co-host Pat Gray described it as potentially “cataclysmic.”
“Subprime crisis, do you remember that?” Beck asked. “Imagine that crash on a global scale, and instead of houses it’s gold, which backs all of our money, and gold that is not really owned by anyone. Our money becomes worthless.”
Beck began with some background for those unfamiliar with the esoteric subject, explaining that the world essentially has a system in place similar to a massive safety deposit box.
If, for example, you put your wedding ring in a box at the bank — in this case the Federal Reserve — you expect to get that exact ring back, not a roughly equal amount of gold and diamonds.
“When the countries give their gold … to the Federal Reserve – full faith and credit in the United States – they gave it to the Federal Reserve and each of them marked their gold,” Beck said on his radio program. “…And in this case, it says Bundesbank, Germany.”
Germany has had billions of dollars worth of gold in the Federal Reserve for decades, but announced last year that it would like at least a percentage of it returned by 2014, and more in subsequent years. The initial request generated massive international speculation, but the actual return so far has been less publicized.
Beck referenced a report from Zero Hedge indicating the initial gold returned to Germany by the United States “didn’t have the stamp on it.” The Federal Reserve reportedly said it had to melt down the gold for transport.
But one other explanation, Beck noted, could be that the Federal Reserve has already used or sold Germany’s gold, and is now scrambling to replace it.
“You melted it down years ago,” Beck said, returning to his analogy. “…And now when I ask for my wedding ring back, you send me somebody else’s wedding ring. You went out and bought a wedding ring. Yes it’s gold – gold is gold – but what is it you’re doing?”
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