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jmbar2

(6,742 posts)
Mon Mar 3, 2025, 08:50 AM Mar 3

Trump/Musk want to "revalue" Ft. Knox gold to buy crypto for the "Sovereign Wealth Fund"

The Real Reason Trump and Musk are planning to visit Ft. Knox
Stephanie Kelton
Feb 24m 2025

President Trump wants the American people (in particular) to see that big beautiful stockpile of glistening gold because he wants to revalue it. By showing off “our incredible riches,” the president will explain that we have vastly undervalued its worth. “Can you believe it?” Trump will ask. “We’re valuing all of this gold at $42.22 an ounce. How crazy is that? I can tell you it’s worth a lot more, and we’re going to value it appropriately.”


That will help the Trump administration justify an accounting maneuver that essentially uses gold instead of platinum to invent “cash” for the Treasury.

As Gillian Tett recently reported in the Financial Times, one of the assets that might be slated for the monetization scheme is gold. The idea is that the U.S. Treasury could revalue America’s gold stocks, which are currently valued at $42.22 per troy ounce in national accounts. If they were accounted for at current market values—around $2,800 an ounce—Tett reports that “it could inject $800bn into the Treasury General Account (TGA), via a repurchase agreement.”

In terms of the accounting benefits, the maneuver comes pretty darn close to minting a trillion-dollar platinum coin, doesn’t it? It may sound crazy, but it wouldn’t be the first time the Treasury turned to Fort Knox to “find” money.

https://stephaniekelton.substack.com/p/the-real-reason-trump-and-musk-are?ref=crisesnotes.com
(For those not familiar with Kelton, she is a leading economist/researcher on Modern Monetary Theory, a controversial theory about why the US Treasury need not worry about debt.Her theories are being applied by crypto boys, and she is highly alarmed.
27 replies = new reply since forum marked as read
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Trump/Musk want to "revalue" Ft. Knox gold to buy crypto for the "Sovereign Wealth Fund" (Original Post) jmbar2 Mar 3 OP
I can't see any difference between crypto and tulip bulbs. multigraincracker Mar 3 #1
It's worse than tulip bulbs. At least there WERE tulip bulbs jmbar2 Mar 3 #5
This message was self-deleted by its author Person of Interest Mar 3 #15
Tulip bulbs have REAL value!! Person of Interest Mar 3 #16
As do Beanie Babies Seinan Sensei Mar 3 #19
At least you can tip toe through them. Historic NY Mar 3 #23
Dumbest idea yet C_U_L8R Mar 3 #2
Or just plain theft johnnyfins Mar 3 #17
Is there any part of the United States government and principles that Trump doesn't want to rape and leave dying? Walleye Mar 3 #3
Keep your grubby hands off our nation's gold OrlandoDem2 Mar 3 #4
Trump is only interested if there is a big personal benefit to him. Irish_Dem Mar 3 #6
This is beyond Trump - he was just the keyholder jmbar2 Mar 3 #7
Yes, but Trump only agreed to do it for a cut of profits. Irish_Dem Mar 3 #9
Yup! Botany Mar 3 #10
Trump knows exactly what he's doing...he was convicted of doing the same thing in NY but with real estate. CincyDem Mar 3 #14
I had forgotten about that - exactly what he's doing. jmbar2 Mar 3 #21
Yep - when ya do it with stocks (or crypto) it's called "pump & dump"...and Trump's plan is for us to get the dump part. CincyDem Mar 3 #22
I admit my ignorance Raven123 Mar 3 #8
Worse than Enron. Baitball Blogger Mar 3 #11
Chris Hayes did a decent piece on this. Snarkoleptic Mar 3 #12
Thanks - I missed that jmbar2 Mar 3 #13
And some say Social Security dweller Mar 3 #27
He fucks up everything; and he is an expert at it. twodogsbarking Mar 3 #18
Where are our laws & those that enforce them??!!! NotHardly Mar 3 #20
Tell him to buy Californium.... Historic NY Mar 3 #24
Red states don't want crypto reserve. Their govs tried to get one of their own going and it's gone nowhere. . . . nt Bernardo de La Paz Mar 3 #25
I KNEW THEY WENT THERE TO STEAL IT. That's precisely what they are doing. Nt CousinIT Mar 3 #26

jmbar2

(6,742 posts)
5. It's worse than tulip bulbs. At least there WERE tulip bulbs
Mon Mar 3, 2025, 09:01 AM
Mar 3

In order to steal them, you had to pick them up and carry them somewhere. With crypto, you just push a button and it's untraceably gone.

Response to multigraincracker (Reply #1)

C_U_L8R

(46,889 posts)
2. Dumbest idea yet
Mon Mar 3, 2025, 08:53 AM
Mar 3

But he's sure to have dumber in store.
He seems hellbent on tanking our economy in a perfect storm of corruption, idiocracy, greed and spite.

johnnyfins

(1,892 posts)
17. Or just plain theft
Mon Mar 3, 2025, 11:26 AM
Mar 3

Guaranteed TSF looks at all that gold and actually believes it belongs to him. It's a pattern. Remember his signature in the COVID relief checks? Remember him publicly commenting that the same relief checks were " very generous" as though they were coming from his personal account?

Walleye

(39,229 posts)
3. Is there any part of the United States government and principles that Trump doesn't want to rape and leave dying?
Mon Mar 3, 2025, 08:55 AM
Mar 3

jmbar2

(6,742 posts)
7. This is beyond Trump - he was just the keyholder
Mon Mar 3, 2025, 09:04 AM
Mar 3

This is what the crypto-bros were after, why they sunk so much into getting him elected. They are going to drain the US treasury through untraceable crypto.

Irish_Dem

(67,156 posts)
9. Yes, but Trump only agreed to do it for a cut of profits.
Mon Mar 3, 2025, 09:08 AM
Mar 3

I wonder if anyone will ever tell us that Trump and his pals drained all US financial assets.

Botany

(73,694 posts)
10. Yup!
Mon Mar 3, 2025, 09:17 AM
Mar 3

Crypto is a scam. You give me your real money and I will give you an address point somewhere
in Cyberspace.


Burning America to the ground.

CincyDem

(7,055 posts)
14. Trump knows exactly what he's doing...he was convicted of doing the same thing in NY but with real estate.
Mon Mar 3, 2025, 10:18 AM
Mar 3

Inflate the value of an asset.
Borrow against that value.
Line his pockets with the borrowed money.
Refuse to repay the loan, surrender the asset to the lender.
Stick the lender with the job of liquidating the asset for fair market value.
Buy another (more expensive) asset at fair market value with the borrowed money.
Inflate the value of the asset….go back to step 1.

Wash, rinse, repeat.

The term Ponzi Scheme is named after Charles Ponzi, a 1920’s Italian money manager who created the scam.

100 years from now, the term Trump Scheme will describe this scam

CincyDem

(7,055 posts)
22. Yep - when ya do it with stocks (or crypto) it's called "pump & dump"...and Trump's plan is for us to get the dump part.
Mon Mar 3, 2025, 11:38 AM
Mar 3

Raven123

(6,515 posts)
8. I admit my ignorance
Mon Mar 3, 2025, 09:05 AM
Mar 3

Someone more knowledgeable than me will have to explain the impact this will have on the dollar in my wallet and for the economy in general.

The value of gold v. the dollar are based on an agreement. Funny money makes no sense to me.

I do hope those who are smarter can make the basic kitchen table arguments for people like me.

Bernardo de La Paz

(53,862 posts)
25. Red states don't want crypto reserve. Their govs tried to get one of their own going and it's gone nowhere. . . . nt
Mon Mar 3, 2025, 10:52 PM
Mar 3
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