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and there goes Italy! Spain where you at?
As long as they don't try and debase Mozzarella Italy's economy is fine.
Gold, being fully able to faithfully execute the "store of value" function, also functions beautifully as capital.
Mandatory lower-of-cost-or-market accounting, no counting the liabilities of others towards capital requirements (because of the increased risk of cascading defaults). Two accounting rules that would solve TBTF all on ther own.
Frikkin ass***. Just cannot stand this. Whenever there is trouble socialize and privatize on good news.
Bunga bunga party-ho bitchez!!!
Could this be a precursor to returning to a (partially) gold backed currency?
The Euro is already 'partially gold backed' for their central bank, the ECB, marks gold to current market value every quarter.
Unlike the US Gov that continues to carry it's gold reserves (assuming it has any) at ~ $42 per oz.
$42!! A bargain at twice the price. If only...
I am sure it would be limited mark to market......only the good stuff
Yeah they just wanna mark gold plated tungsten to the price of gold.
Yeah -- the banking bitchez are telling us what real money is.
Never trust a fiat currency --- it's so unreliable they named it after an Italian car maker
Canadian's Banksters Too:
Here is how: BMO Q1/11 just announced gains on new Level 1 assets from previously "held not available for sale" Level II assets, and how now today level II assets which can now float to the surface on now improved F.M.V. on Level III assets, and so forth.
It's like this: if you were a Bankster today, your "assets" that had a poor FMV value (in your opinion) a year ago (at market rates) suddenly now becomes "Held Available For Sale" as the market value has improved - and so only now, shall we play the Free Market (valuation) Game.
Sometimes we FMV - Sometimes we do not. Accounting Theory 401
Question: Is it transparent and fair reporting? Course not. Consistency induces confidence huh? Wouldn't you like to hold your RRSP or Investments as not available to buy/sell during periods of market price declines. I sure would.
So keep up on these types of audit committee shenanigans:
From the BMO Q1 Notes:
Significant Transfers"Transfers are made between the various fair value hierarchylevels due to changes in the availability of quoted market pricesor observable market inputs due to changing market conditions.The following is a discussion of the significant transfersbetween Level 1, Level 2 and Level 3 balances for the quarterended January 31, 2011.During the quarter ended January 31, 2011, $207 million and$20 million of mortgage-backed securities and collateralizedmortgage obligations were transferred from Level 3 to Level 2within trading securities and available-for-sale securities,respectively, as values for these securities are now obtainedthrough a third party vendor and are based on market prices.Similarly, during the quarter ended January 31, 2011, corporatedebt securities within trading securities were transferred fromLevel 3 to Level 2 as values for these securities are now obtainedthrough a third party vendor and are based on market prices.During the quarter ended January 31, 2011, derivative assetsof $6 million and derivative liabilities of $9 million weretransferred from Level 3 to Level 2 as market informationbecame available for certain over-the-counter equity contracts.During the year ended October 31, 2010, a portion of the asset backedcommercial paper issued by the conduits known as theMontreal Accord were transferred from Level 3 to Level 2within corporate debt trading securities because we are nowvaluing the notes based on broker quotes rather than internalmodels due to increased broker/dealer trading of thesesecurities, resulting in improved liquidity. In addition, certainavailable-for-sale corporate debt securities that were previouslyvalued using observable market information were transferredfrom Level 2 to Level 1 as values for these securities becameavailable in active markets."
Vatican= world's largest and oldest gold hoard.
There is a gold announcement (pure instinct here) that will come and pull th erug from gold, for a bit anyways. Maybe quite a bit.
Silver and gold will disconnect. For a bit anyways.
Very interesting out of India last wek, of a seventeen ton silver hoard found in a fascinating place.
Please get ready for a AU/Ag ratio correction in Silver's favour. It's coming. Maybe a few more wild swings here and there....
The significance of the India silver find is trippy.
I would hope that Mario Draghi's own personal ambitions prevent such a farce, since it would justify German opposition to the head of Italy's central bank as Trichet successor.
Italian banks are worst than spanish....so imagine...
Italy has 146 US Army bases and thousands of Marines on its soil since WWII. Not to mention 90 something nuclear warheads belonging to the Pentagon.
Italy can't and won't do anything unless it's American boss tells Italy so.
Another example of how insane U.S. defense expenditures are. Why in the world do we need 146 army bases in Italy? Zero would be fine. Same thing with the nuclear warheads. This insanity has to stop. If Obama had a brain, conscience and balls it would. He seems to possess all but three of these attributes.
Fair enough, but you realize that he didn't put them there. I'd say we've had impotent leaders for a long time. Why blame just the current one?
Yes! And did you know that our central bank, the wonderful Federal Reserve, just made up a new rule that basically says that it can never lose a bet! When there was some talk about how the Fed could become insolvent from what will certainly turn out to be losing bets on Treasuries, the Fed then, in an unbelievable move, signaled that any losses will be shifted onto the balance sheets of the outlying federal reserve member banks, to ultimately be shifted onto the balance sheet of the Treasury! Those losses will then be "offset" by winning bets that the Federal Reserve makes to essentially nullify all the bets.
Worship the power of the Federal Reserve!
The all-seeing eye, knows all, sees all!
We mustn't resist the Federal Reserve!
All heil the Federal Reserve!
So it is the Fed's gold and not that of the United State citizens... since the Fed is privately owned by the Morgans, Rothschilds, Rockefellers, etc.
Maybe if they count the gold, they would find a number somewhat less than $350 Billion.
That might help.
$42.50 on the books still.???
And some Americans think their Gubberment is fair and sane......
What a fucking sick joke
Man, back in the day it was mean old dragons lying on top of the gold hoards.
Now its vampire squids and mafioso.
The more things change.....
:-) the more they do remain....
It's really stunning... I guess I'll increase my 'diversification' in precious metals and stockpile. Some wines are undoubtly good assets.
So now the bets are on: who will be the first to withdraw from the Euro???
Maybe the problem is not Mark to Market when the prices are high, but to remove it when prices go low.
This moves the Euro towards freegold.
The Euro was much closer to free gold at it's inception. The European Central Bank marks the gold on it's balance sheet to market each quarter, while the US maintains that gold in it's possession is worth ~ $ 42.
The ECB has shown an enormous increase in the gold held on balance sheet.
this is getting interesting.
FOFOA gets points for this one.
Italian banks are worst than spanish? Don't believe, the fondamentals are better: no re bubble, highest savings rate, lowest privat debt and unemployment....
Hey, Lets use Mark-to-Market for Gold, Silver and other rising assets and mark-to-fantasy for everything else!
If you're going to lie (like the criminal, corrupt, and illegitimate governments and banks), why hold back?? There's a war to be won by the uber rich against the poor, middle class, and mere mortal rich.
Which would mean that either excess reserves will have to rise by the same amount...
Which would mean that either excess reserves will have to rise by the same amount...
It would go to "retained earnings" on the liabilities side, surely, not excess reserves (banks' deposits). Which could, incidentally, make up / buffer for some of the future losses from the asset side.
show me the gold baby
..will make sure to lay out all the "angles" of the situation quickly and succinctly...
"FT: "Italian banks, which by a quirk of law are shareholders in the country’s central bank..."
Hey FT Morons, What a CoincidenceBy a quirk of law, our Wall Street TBTF's are shareholders of the FRBNY! Propaganda false premise always opens a FT article...
How about the Bank of England, FT? Who are YOUR douche owners?
Quirk of law my ass...
I guess it shows how essential gold is despite all th eMSM knocking it all the time.
That's a bit hypocritical in my book...
For italian speaking people here is what eugenio benetazzo "il tyler durden dei mercati finanziari" says about italian banks in trouble:
this is dated feb 2009
Sayed that, what zh people thinks about a single nation (say Italy) trying to implement a gold backed currency? What will happen (no longer than 12 hours) after?
1) as bahamas sayed "Italy can't and won't do anything unless (in thi case becouse) it's American boss tells Italy so."
2) an american carrier bombing Rome (but not the Vatican)
3) the world rush to invest in Italy and an Iceland style meltup of the economy and a pop of the subsequent bubble (improbable).
In Italy actually people is shouting "berlusconi in jail" fro the whole whores affair.
I should say "Draghi in jail and berlusconi at circus"
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