red said:
its the only system now in place and the police seem to be using it. either way- change the law through parliament- this should be a country of law and not fiat
Well it would be nice if this was a country of law and not fiat but sadly it's not the case we have a fiat currency as do most countries in the world since 1971.
Below I have a chart take a look where in big trouble.
Gold Reserves Reported to International Monetary Fund
(millions of ounces except as otherwise noted)
Country end-1985 end-1993 end 2002
Canada (ounces) 20.11 6.05 0.60
(tonnes) 625 188 18.6
Other G-7
United States 262.65 261.79 262.00
France 81.85 81.85 97.25*
Germany 95.18 95.18 110.79*
Italy 66.67 66.67 78.83*
Japan 24.23 24.23 24.60
United Kingdom 19.03 18.45 10.09
Other Euro Area
Austria 21.14 18.60 10.21
Belgium 34.18 25.04 8.29
Netherlands 43.94 35.05 27.38
Portugal 20.23 16.06 19.03
Switzerland 83.28 83.28 61.62
Other Developing
China (Mainland) 12.70 12.70 16.10
India 9.40 11.46 11.50
Russia n/a 10.20 13.60
Other Gold-Producing
Australia 7.93 7.90 2.56
South Africa 4.84 4.76 5.58
All Countries**
(ounces) 951.61 919.30 930.57
(tonnes) 29,599 28,594 28,945
*Increase represents difference between gold returned by the European
Monetary Institute and gold transferred to the European Central Bank.
**Excludes gold held by the International Monetary Fund and the Bank for
International Settlements, and prior to 1998, the European Monetary Institute.