On Point | Podcast America's gold fever
Mar 27, 2025
Harold James, a Princeton history professor and IMF historian, dives into America's gold obsession and the myths surrounding Fort Knox. He discusses conspiracy theories alleging $400 billion in gold is missing and how such claims reflect broader economic anxieties. The talk highlights the historical significance of gold for trust in the dollar, especially during crises. James also explores how geopolitical tensions influence nations' gold strategies, revealing the intricate relationship between gold, trust, and national security.
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Trump's False Claim
- Trump claims the Fort Knox gold hasn't been seen in decades, which is false.
- Mitch McConnell and Steven Mnuchin visited Fort Knox with a head high stack of gold bars behind them in 2017.
Gold's Role in Financial System
- Gold and silver were central to the financial system, with currencies convertible to gold.
- Since the mid-20th century, and especially since the 1970s, this link has been broken.
Fort Knox History
- In 1933, FDR took the US dollar off gold and prohibited individuals from holding it.
- Fort Knox, built in the 1930s, became the central depository for this gold.
