Dive into a trove of history with the "Stuff You Should Know" podcast, as Josh Clark and Chuck Bryant lift the veil on the storied Fort Knox—a symbol of wealth and security in the American psyche. The episode takes listeners through the inception of this military stronghold, detailing its transformation from a humble training ground to the fortress that safeguards a substantial portion of America's gold reserves. Discover the clandestine operation that solidified Fort Knox's role in the nation's fiscal fortitude.
Venturing beyond the granite walls, the hosts scrutinize the rigorous security measures that make Fort Knox an impregnable bastion, from the thick vault door that withstands drills and explosives to the disciplined Mint Police and their machine gun turrets. The podcast also navigates through murky waters of conspiracy theories, addressing suspicions on the true contents of the depository. Furthermore, the episode explores the economic implications of America's departure from the gold standard, giving listeners a comprehensive look at the complexities that underpin this iconic treasury.
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Fort Knox is renowned for its dual purpose as a military base and the domicile of the United States Bullion Depository. Founded in 1903 as a training ground near West Point, Kentucky, it became a permanent camp named after General Henry Knox in 1918, ultimately escalating to the title of 'Fort' in 1932. The historic transportation of the gold reserves to Fort Knox was as dramatic as it was secretive, involving decoys and a diverse group of defenders. Its inland position and protection by the Appalachian Mountains were key factors in choosing its location.
The gold at Fort Knox is zealously secured by unparalleled physical defenses and vigilant armed guards. The outer structure boasts two-foot-thick walls of concrete, granite, and steel, a vault with a complex combination lock and a 100-hour timer, and a perimeter that might even be a minefield. An underground escape route is securely positioned for internal departures only. The United States Mint Police, complemented by the potential support of the Army, operates machine gun turrets and maintains a self-sufficient facility capable of operating in isolation. The depository's security culminates in the 21-inch-thick, drill- and blast-resistant vault door.
Fort Knox reportedly houses 4,600 metric tons of gold, composed of bars each weighing 27.5 pounds and making up about 2.5% of the world's mined gold. The specifics concerning the current statutory value for accounting purposes was not provided.
Conspiracy theorists, led by figures like Peter Beter, speculate that Fort Knox's gold might be gone or fake—as they contend that the gold count is inaccurate or that audits are not credible—with claims of secret sales to global elites, potentially involving countries like China. Such theories allege manipulations aimed at economic dominance and are at times coupled with anti-Semitic rhetoric.
The United States vacated the gold standard to foster economic expansion unimpeded by the limited quantity of gold. Currency supply and thus growth, previously restrained by gold reserves, markedly increased post-decoupling. Since the Federal Reserve's inception in 1913, requiring only partial gold backing, and Roosevelt's policies in the 1930s, the U.S. started to unwind from the gold standard, culminating in President Nixon's complete detachment in 1971. This allowed the U.S. economy to advance without the constraints of gold reserves.
1-Page Summary
Fort Knox has a storied history that encompasses its establishment as a military base and as the home of the United States Bullion Depository.
The origins of Fort Knox trace back to 1903 when the U.S. Army realized the necessity for a training ground in the vicinity of West Point, Kentucky. Initially used for training purposes, the site soon evolved and was designated as a permanent training camp in 1918, receiving the name Camp Knox in honor of Henry Knox, an officer who served during the Revolutionary War. Objections arose regarding the name's lack of intimidation factor, resulting in the title changing officially to Fort Knox in 1932, reflecting its permanent status and hardened reputation.
Fort Knox underwent a significant transformation beyond its military function when the United States Mint sought a secure location to house a portion of the nation's gold reserves. The Treasury Department obtained land from Fort Knox and commenced the construction of the United States Bullion Depository there. Established in 1936, the selection of Fort Knox for the Depository was strategic due to its inland location, ...
Overview and background of Fort Knox
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The gold at Fort Knox is safeguarded by a combination of extreme physical security features and constant armed guard, making it one of the most secure vaults in the world.
The United States Bullion Depository at Fort Knox, Kentucky, often described as impregnable, is a fortress filled with gold and shrouded in layers of security and secrecy.
The Fort Knox vault is housed within a building made of concrete, granite, and steel walls that are significantly robust—two feet thick—designed to resist any external attacks. These walls include closely packed steel coils that prevent even a human hand from fitting between them.
The vault can be accessed only by multiple individuals, with each person knowledgeable of just a portion of the combination, adding a layer of complexity that protects against inside jobs. Moreover, the vault is protected by a 100-hour time delay lock. Inside, the floor is two feet thick granite, rendering it impenetrable from below.
Encircling the building is a vast, open field which acts as a no-man's-land for potential intruders, making any approach easily detectable. Furthermore, rumors persist that this field may be a minefield, though official confirmation is not public.
The vault company has an escape tunnel with a door that only opens from the inside, ensuring that anyone locked inside can exit safely. Josh Clark adds that an escape tunnel is incorporated into the depository's design, which includes a door that only opens from the inside and is carefully monitored.
The gold is stored deep within a secured building akin to the setup of prison cell blocks within a larger prison. Surrounding the vault is a corridor with an 18-inch clearance on all sides, which is constantly under surveillance by mirrors and cameras to guarantee visibility of every inch of the space.
The United States Mint Police tirelessly guard the depository, and in extreme cases, the Army can be summoned to provide additional protection. The g ...
Security measures protecting the gold in Fort Knox
Fort Knox holds an immense 4,600 metric tons of gold, which is approximately 2.5% of all the gold ever mined in the world. Each of the gold bars stored at Fort Knox is 7 inches in length, 3 5/8 inches in width, 1 3/4 inches in thickness, and has a weight of 27.5 pounds.
Amount and value of gold held at Fort Knox
Josh Clark and Chuck Bryant delve into various theories positing that the gold supposedly stored in Fort Knox is non-existent or fake.
The hosts talk about the rarity of official tours to verify the gold's presence in Fort Knox, noting the limited tours by historical figures like Franklin D. Roosevelt and Congressional delegations in the 1970s and 2017. Although audits have been performed, skeptics doubt their authenticity, contributing to claims that the gold has been miscounted or misdocumented.
Clark highlights the contributions of a figure named Jan Nevenhuis, who also goes by Koos Jansen, regarded by some as having a level-headed perspective on the subject. Jansen raises concerns about the accuracy of the audits at Fort Knox, with Clark alluding to the possibility that an obsession with minor details in these audits can lead to perceived discrepancies that feed larger conspiracy theories, whether they're founded or not.
The conversation shifts to the more ominous side of the conspiracy theories, with Chuck Bryant discussing a proponent named Peter Beter. Since the 1970s, Beter has promulgated the idea that the gold in Fort Knox has been covertly sold to a cabal of global elites at below-market prices. According to the theories Beter espouses, these elites could potentially use their hoarded gold to disrupt the global economy and gain disprop ...
Conspiracy theories that there is no gold left in Fort Knox
The hosts Chuck Bryant and Josh Clark humorously introduce the topic and discuss why the United States transitioned away from the gold standard. They delve into the economic implications of this decision and the steps taken throughout history to decouple the dollar from gold.
The discussion begins with Bryant hinting that the collective agreement on the value of money was a critical factor in moving away from the gold standard. He suggests that, like currency, gold does not have intrinsic value except for the value assigned to it by societal consensus.
Josh Clark elaborates on the limitations of pinning currency to gold, which constrained the amount of currency to the finite amounts of gold available. Clark points out that this limit could hamper economic expansion, and he mentions that the global economy saw growth after the dollar was no longer tethered to gold, indicating that the gold standard was a binding constraint.
Exploring the steps taken over time, Josh Clark explains that the establishment of the Federal Reserve in 1913 marked a significant shift. By only requiring 40% gold backing rather than 100%, it allowed the government to print more money, facilitating trade, employment, and economic growth.
Moving into the 1930s, Chuck Bryant notes that President Franklin D. Roosevelt took critical steps to weaken th ...
Reasons why the US moved off the gold standard
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