Pentagon Missing $824 Billion

by Martin Armstrong, Armstrong Economics:

The Pentagon, funded by you—the taxpayer—has truthfully NEVER passed an audit. Washington uses the Pentagon and Department of Defense as perhaps its favorite money laundering tool. Countless funds and supplies vanish year after year, and no one is ever investigated or punished. The corruption is blatantly in our faces. The most recent gimmick of an audit revealed that the Pentagon is unable to account for an astounding $824 billion missing from its budget. This is the seventh consecutive time that the Department of Defense has at least admitted that the agency “misplaced” hundreds of billions of dollars. Where are the funds?

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There are twenty-eight separate reporting agencies, also funded by the taxpayer. Fifteen of those agencies received disclaimers, nine received an unmodified audit opinion, and one received a qualified opinion, while the remaining three agencies have pending opinions. Last November, the Pentagon funneled about $187 million to the public sector to conduct these dishonorable audits. The corruption never ends. They knew ahead of the audits that the agency would not come close to passing. There is zero remorse.

The DoD has no concern for their failed audit as they have never felt repercussions for failing one. Michael McCord, Under Secretary of Defense (Comptroller) and Chief Financial Officer, dared to say that he wouldn’t necessarily call $824 billion in missing funds a “failed audit.” McCord also said not to worry since the Pentagon should be able to alter its audits to pass by 2028. The government can misuse our funds, but we’d be imprisoned for failing to give them their money through taxation.

“So if someone had a report card that is half good and half not good, I don’t know that you call the student or the report card a failure,” McCord said. Actually, that student would be held back and forced to complete the requirements for his or her grade level. Could you steal the money from someone’s wallet and call it an act of kindness for returning the change? This severely indebted nation provided the $824 billion to this slush fund of a department. Where is our money? Why has this agency never been held accountable? I presume the pockets run deep and the number of players involved would smear a portion of the establishment domestically and internationally.

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Originally Posted at https://www.sgtreport.com

What is the Gold-to-Oil Ratio?

The gold-to-oil ratio expresses the price relationship between gold and West Texas Intermediate (WTI) crude oil. WTI is a grade of crude oil and one of the three primary benchmarks for oil pricing, along with Brent and Dubai Crude.

A high ratio indicates that gold is relatively expensive compared to WTI crude oil, and vice versa. This can indicate periods of outsized demand for energy in the form of crude oil, or periods of monetary uncertainty when there is higher demand for gold.

Below is the gold-to-oil ratio every decade between 1946 and 2024.

During the 1950s and 1960s, fixed gold prices and stable oil prices kept the ratio between 11 and 13 for 20 years.

Since the 1980s, the ratio has typically traded within the range of 6 to 40 with a notable exception: in 2020 when the ratio reached a high of 91.1. The peak in 2020 was driven by COVID-19, which boosted gold prices as a safe haven while oil demand and prices plummeted due to global lockdowns.

In contrast, between 2000 and 2008, oil prices were relatively high compared to gold. During this period, the ratio dropped to nearly 6 but never rose above 16.

When comparing the two commodities, it’s worth remembering that the crude oil market is around 10 times larger than that of gold, making it the largest commodity market in the world.

If you enjoyed this graphic, make sure to check out this graphic that shows the top countries by natural resource value.