Quote:
Originally Posted by theking
From Wikipedia...The total amount of gold that has ever been mined has been estimated at around 142,000 metric tons.[16] Assuming a gold price of US$1,000 per ounce, or $32,500 per kilogram, the total value of all the gold ever mined would be around $4.5 trillion. This is less than the value of circulating money in the U.S. alone, where more than $8.3 trillion is in circulation or in deposit.
The US currently has a little more than 9,000 metric tons in reserve of the 142,000 metric tons that has been mined.
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Also didn't catch one other flaw in that. The amount of dollars in circulation is exactly the amount of national debt. Hence the term "debt note" which makes us debt slaves.