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scum. go greece - default, leave em high and dry and back the new drachma with your reserves
Greek reserves have already been pleged as collateral with the first loan treaty and greek gold is held at UBS Switzerland and the Bank of England. So much for that idea.
In any case, 111.5 tones of gold are only 3.7bn EUR at 1085EUR/ounce.. not much for a 300+bn debt..
Divide US debt by US tons of gold (or tungsten). You don't even have into include the trillions of GSE debt, or 1 the billion of Egyptian debt, or the repayments to federal pensions currently being plundered, JUST THE 14T debt ceiling figure.
Prescisely, you don't price gold in euros- you price gold in total debt. Total Euro zone debt into total gold.
This may be the beginning of how to create a single currency. How do you go back to the Drachma (or any other currency) with nothing to back it?
There is nothing backing any currency for any nation other than a promise to pay. I suspect they want the gold as collateral so that no country can go back to a gols standard. A gold standard would make most if not all currencies worthless.
There is nothing backing any currency for any nation other than a promise to pay.
Actually, fiat is backed by the government's promise to accept it for taxes.
Why not use housing as collateral? Can any one say Gold bubble?
The central banks print money backed by no assets or principle that is at risk, and charge interest on that money to the sovereign nations or banks that receive it. If the debt to the central banks are defaulted on, how does anyone lose any assets, principle, value, etc? If the sovereign nations did the printing instead, the sovereign nations' tax payers would not have to pay interest. Go figure. Think silver certificates not federal reserve notes. JFK recognized this and issued several billion in silver certificates before his assassination. LBJ stopped that practice which has never been continued since.
There is nothing backing any currency for any nation other than a promise to pay.
There's no promise to pay anything.
These currencies operate purely on people's confidence in them. That's it. Just confidence.
Why in Heaven's name would they allow their reserve to be stored in another country? This is obscene. They're going to bleed Greece dry before it defualts. They should default right now and to hell with the ECB and banking criminals - fuck 'em all.
There used to be this thing called the USSR that had lots of tanks. That is why Europe's gold moved to NYC.
The central banks print money out of thin air with no assets at risk, and lend it to banks and nations. If that debt is nullified/defaulted on, how can there be any losses? There was nothing there in the first place to lose.
Bleeding Greece dry before it defaults has been the plan of the banking scum all along. Loot the country of all assets and property until the banking scum own everything and the country's economy is a lifeless husk, let it default, and then move in with "humanitarian" loans and credit in order to make permanent debt slaves of every citizen and their descendants.
This is the game plan for pretty much every country on the planet. The banking scum consider themselves above such quaint notions as governments and nations, and thus have allegiance to none.
Do you ever wonder why? Why do you want so much power? What are you going to do with it? So many of the elite (even if they are low on the great totem pole in elitistan) can't even get a date. Is this all so they can do what they want with a maid without any consequence?
The same reason obese people overeat?
The same reason most men will oggle a beautiful women, even if covertly?
People have lots of behaviors that are "baked in". The spectrum of impulses is so broad that there is always a few nut jobs running around with the right recipe to survive what nature might toss their way.
This continues until the minority is tossed out on its ass or used for lamppost decorations on Christmas.
Hey, I oggle women covertly and overtly. But I'm very practical when I say, I would not want a bunch of girlfriends. One wife is enough. Although, I wouldn't mind a second one to help with chores. Still, these people seem to lack that practical aspect. What is the point of having a 20K sq ft house with a small family or no kids? Really? It would just end up being a pain in the derriere. The local hill billy who lives in a small house and fishes all weekend while rolling smoke seems much more content. These elite people are supposedly so smart yet their lives really suck when you look at them.
A salient and pithy observation. I have often wondered the same things myself about the so-called "elite", most of whom are just pathetic sociopaths or psychopaths with a gaping hole where their soul should be.
Resistance is futile...
Gold backed money ? Gold as money ??
What will they think of next....
no. some greek gold reserves have been. not all by any means.
Click below to see a graphic illustration of the bankster's dirty hierarchy of needs:
I'd love to see Greek gold dracmas...love the owl.
Omg, look at those eyes. Clearly proof of ancient astronauts visiting earth. I knew it!
I have the sense that Germany is going to force some of the pigs to sell some of their gold holdings in a attempt to strengthen their sovereign balance sheets..
It's madness to pay back these crooked banksters. Greeks, please ask them to climb the alps and jump off instead.
And please go back to the drachma. The globalisation was just a way of taking away all your culture, your heritage and your honor. It's time the clock was turned backwards.
The alps? I don't think the swiss are involved in this in any way.
Haven't traveled Europe? See Alps, Bavarian, Autrian, French, Italian.
Madame LaGarde,the former McKinsey & Co. partner? 0 Credibily
French Finance Minister Christine Lagarde formally enters race to be next IMF chief
May 25, 2011: the last eulogy of mr.bean-draghi coming from Bloomberg
Wow! 2451 tons! Lucky them.
In USD term, that means they have about 120B for collateral while Spain has about 9B (pitiful) unless already pledged like Portugal (worth about 12B).
Your guess is as good as mine if it will go higher short term?
Why not use housing as collateral? Can any one say gold bubble?
Interesting... but 111,5 ton of gold are just nearly 60 mln € .... and for Italy 2451 ton are 1.3 bil €
How this could help in multi billion debt ?
So, this is an indication of what will happen (most likely) in the near future.
To value gold higher before confiscation is less profitable than to value it after....
think housing mortgage collateral CDO bubble. POP!
111.5 tones are 3.7bn eur.
111,5 tons x
1000 kg/ton x
3.892.130.500,00 euro at current spot.
However, based on 1974 US borrowing capacity gold price is over USD 5000/oz (instead of 1525).
2451 tons is 85 bil €, not 1.3
My mistake.... anyway 85 bil vs 1800 bil € of debt (for Italy) it's "nothing".... or... gold have to go to 15000$....?
Gold used to priced in terms of borrowing capacity. How many Euro/oz are they offering? I'm guessing a whole lot more than the current 1085 spot price.
Thursday will be the 4th week after I ordered physical delivery on JBSICA.
There is some sot of internal conflicts who delivers the silver, wether UBS or JB.
Next timeline given: end of next week.
Thanks, the ever recurring "your papers must be in order" comedy/delay routine is only bearable when there is a straightforwardsolution. 4 weeks is not reassuring. I'm think of switching to ZSIL, but I need to figure out the tax implications first. Since I have a US passport anything with my name on it has to stay at Die Post so the IRS can suck my dick if they don't like my annual disclosures.
I really hope the Sanford & Son routine they are putting you through is just because they lack both the experience and desire to execute something that they don't make money on.
Since JBSICA is quanto hedged and subject to 8% VAT, it will be interesting to see what date they will use for the transaction. To me it looks like another nice threat of a law suit.
ZSIL is not USD hedged. Buying a security should not show up the records of the IRS. Then again UBS and CS gave all transaction information with names of pre and post 911 to homeland security. And this is first hand info from UBS and even publicly admitted by CS!
if all this gold is held in new york, it ain't there!
They won't get much more Gold out of that slut Hibernia - she had a small amount of 11+ tons back in 1990 but now has something like 5 tons.
Any1 pledging gold as collateral at current prices must be insane, maybe north of 50k an ounce it would make some sense
To my Gold Bug friends. :-)
After all there gold is gone, The olive oil standard?
Just as stopthenewworldorder said, "default, leave em high and dry and back the new drachma with your reserves"
During the Weimar hyperinflation, every farmer was printing his own currency. I have seen some of these notes pledging to pay the holder 6 eggs or a pound of cheese etc. What makes you think that today's fiat, debt backed currency is in any way superior to currency backed by something physical, even if the physical is a soft commodity?
I prefer the olive standard to the Ben and Timmy buckets of ink standard we have today.
Bankerwangs in the blender, bitchaz.....leave 'em high 'n dry, leave 'em swinging low, over a cesspool of their shite, with nowhere else to go. Send 'em to the quarries, in Mackie D's or Bugger Thing, so's they can reminisce together, 'bout the ways they stole the bling. Bankerwangs in the blender, let 'em swing so high, that when the rope parts company, their weight will make 'em die.
Precious, bitchez (used without permission to say "bitchez.")
Really...using gold as money is OK now?
Dutch regulator to pension fund: dump your gold!
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