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Exclusive: Bank Of England To The Fed: "No Indication Should, Of Course, Be Given To The Bundesbank..."

Tyler Durden's picture




 

Over the past several years, the German people, for a variety of justified reasons, have expressed a pressing desire to have their central bank perform a test, verification, validation or any other assay, of the official German gold inventory, which at 3,395 tonnes is the second highest in the world, second only to the US. We have italicized the word official because this representation is merely on paper: the problem arises because no member of the general population, or even elected individuals, have been given access to observe this gold. The problem is exacerbated when one considers that a majority of the German gold is held offshore, primarily in the vaults of the New York Fed, and at the Bank of England - the two historic centers of central banking activity in the post World War 2 world.

Recently, the topic of German gold resurfaced following the disclosure that early on in the Eurozone creation process, the Bundesbank secretly withdrew two-thirds of its gold, or 940 tons, from London in 2000, leaving just 500 tons with the Bank of England. As we made it very clear, what was most odd about this event, is that the Bundesbank did something it had every right to do fully in the open: i.e., repatriate what belongs to it for any number of its own reasons - after all the German central bank is only accountable to its people (or so the myth goes), in deep secrecy. The question was why it opted for this stealthy transfer.

This immediately prompted rampant speculation within various media outlets, the most fanciful of which, of course, being that the Bundesbank never had any gold to begin with and has been masking the absence all along. The problem with such speculation is that, while it may be 100% correct and accurate, there has been not a shred of hard evidence to prove it. As a result, it is merely relegated to the echo chamber periphery of "serious media" whose inhabitants are already by and large convinced that all gold in the world is tungsten, lack of actual evidence to validate such a claim be damned (just like a chart of gold spiking or plunging is not evidence that a central bank signed the trade ticket, ordering said move), and in the process delegitimizing any fact-based investigations that attempt to debunk, using hard evidence, the traditional central banker narrative that the gold is there and accounted for.

And hard evidence, or better yet a paper trail of inconsistencies, is absolutely paramount when juxtaposing the two most powerful forces of our times: i) the central banking-led status quo (which is de facto the banker-led oligarchy whose primary purpose in the past several centuries has been to accumulate as much as possible of the hard asset-based fruits of people's labor, who toil in exchange for "money" created out of thin air - a process which could be described as not quite voluntary slavery, but the phrase would certainly suffice), and ii) "everyone else", especially when "everyone else" still believes in the supremacy of democratic forces, accountability, and an impartial legal system (three pillars of modern society which over the past 4 years we have experienced time and again have been nothing but mirages). Because without hard evidence, not only is the case of the people against central bankers non-existent, even if conducted in a kangaroo court co-opted by the banker-controlled status quo, it becomes laughable with every iteration of progressively more unsubstantiated accusations against the central banking cartels.

Finally, when it comes to cold, hard facts, which expose central banks in misdeed, even the great central banks have to be silent silent, as otherwise the overt perversion of justice will blow up the mirage that modern society lives in a democratic, laws-based world will be torn upside down.

And while others engage in click-baiting using grotesque hypotheses of grandure without any actual investigation, reporting or error and proof-checking to build up hype and speculation, which promptly fizzles and in the process desensitizes the general public and those actually undecided and/or on the fences about what truly goes on behind the scenes, Zero Hedge travelled (metaphorically) in space - to London, or specifically the Bank of England Archives - and in time, to May 1968 to be precise.

While there we dug up a certain memo, coded C43/323 in the BOE archives, official title "GOLD AND FOREIGN EXCHANGE OFFICE FILE: FEDERAL RESERVE BANK OF NEW YORK (FRBNY) - MISCELLANEOUS", dated May 31, 1968, written by a certain Mr. Robeson addressed to the BOE's Roy Bridge as well as its Chief Cashier, and whose ultimate recipient is Charles Coombs who at the time was the manager of the open market account at the Fed, responsible for Fed operations in the gold and FX markets.

This memo, more than any of the other spurious and speculative accusation about Buba's golden hoard, should disturb German citizens, and of course the Bundesbank (assuming it was not already aware of its contents), as the memo lays out, without any shadow of doubt, that the BOE and the Fed, effectively conspired to feed the Bundesbank due gold bars that were of substantially subpar quality on at least one occasion in the period during the Bretton-Woods semi-gold standard (which ended with Nixon in August 1971).

The facts:  

At least two central banks have conspired on at least one occasion to provide the Bundesbank with what both banks knew was "bad delivery" gold - the convertible reserve currency under the Bretton Woods system, or in other words, to defraud - amounting to 172 bars. The "bad delivery" occured even as official gold refiners had warned that the quality of gold emanating from the US Assay Office was consistently below standard, and which both the BOE and the Fed were aware of. Instead of addressing the issue of declining gold quality and purity, the banks merely covered up the refiners' complaints 

It is this that the Bundesbank, the German government, and the German people should be focusing on. If in the process this means completely ridiculing the Buba's "she doth protest too much" defense strategy that what is happening in the media is a "phantom debate" as per Andreas Dobret's recent words, so be it. In fact, one may be well advised to ignore anything Buba has said on this matter, because in attempting to hyperbolize the matter out of irrelevancy, the Buba is now cornered and will have no choice now but to explain just what the true gold content of the gold even in its possession is, let alone that which is allocated to the Buba account 50 feet below sea level, underneath the infamous building on Liberty 33.

Full May 1968 memo from the BOE to the NY Fed: highlights ours:

MR. BRIDGE

THE CHIEF CASHIER

 

U.S. Assay Office Gold Bars

 

1.  We have from time to time had occasion to draw the Americans’ attention of the poor standards of finish of U.S. Assay Office bars. In addition in 1961 we passed on to them comments from Johnson Matthey to the effect that spectrographic examination did not support the claimed assay on one bar they had so tested (although they would not by normal processes have challenged the assay) and that impurities in the bar included iron which caused some material to be retained on the sides of crucible after pouring.

 

2. Recently, Johnson Matthey have put 172 “bad delivery” U.S. Assay Office bars into good delivery form for account of the Deutsche Bundesbank. These bars formed part of recent shipments by the Federal Reserve Bank to provide gold in London in repayment of swaps with the Bundesbank. The out-turn of the re-melting showed a loss in fine ounces terms four times greater than the gross weight loss. Asked to comment Johnson Matthey have indicated verbally that:-

 

(a) the mixing of “melt” bars of differing assays in one “pot” could produce a result which might be a contributing factor to a heavier loss in fine weight but they did not think this would be substantial ;

 

(b) a variation of .0001 in assay between different assayers is an extremely common phenomenon;

 

(c) over a long period of years they had had experience of unsatisfactory U.S. assays

 

3. It is not, however, possible to say that the U.S. assays were at fault because Johnson Matthey did not test any of the individual bars before putting them into the pot.

 

4. The Federal Reserve Bank have informed the Bundesbank that adjustments for differences in weight and refining charges will be reimbursed by the U.S.Treasury.

 

5. No indication should, of course, be given to the Bundesbank, or any other central bank holder of U.S. bars, as to the refiner’s views on them. The peculiarity of the out-turn will be known to the Bundesbank: it has so far occasioned no comment.

 

6. We should draw the attention of the Federal to the discrepancy in this (and any similar subsequent such) result and add simply that the refiners have made no formal comment but have indicate that, although very small differences in assay are not uncommon, their experience with U.S. Assay Office bars has not been satisfactory.

 

7. We hold 3,909 U.S. Assay Office bars for H.M.T. in London (in addition to the New York holding of 8,630 bars). After the London gold market was reopened in 1954 we test assayed the bars of certain assayers to ensure that pre-war standards were being maintained. It might be premature to set up arrangements now for sample test assays of U.S. Assay Office bars but if it appeared likely that the present discontent of the refiners might crystalise into formal complain we should certainly need to do this.  In the meantime I would recommend no further action.

 

31st May 1968

 

P.W.R.R.

To summarize: Bank of England discovers discrepancies with US Assay Office gold bars, notifies the NY Fed that its gold bars have major "bad delivery" issues, but, and this is the punchline, on this occasion, we'll keep it quiet, because the Bundesbank got these bars. This is merely one documented assay occasion: one can imagine that of the hundreds of thousands of gold bars in official circulation, the "good delivery" quality of bars outside of the US, and perhaps BOE, official holdings has progressively declined over the decades of Bretton Woods. One can also only imagine what has happened to all those "good delivery" bars currently held by the Fed as custodian at the NY Fed. Literally: imagine. Because there is no way to check what the real gold consistency of these gold bars is, and whether the refiners found ongoing future inconsistencies with "good delivery" standards of bars handed off to other "non-core" central banks. And, yes, without further evidence the above is merely speculation.

As to the remaining relevant facts: the US ran out of good delivery gold in March 1968 and only had coin bars remaining. Which is why it closed the gold pool and went to a two-tier price system. The Bundesbank went on to cover some of the outstanding gold debts of the Fed to the gold pool. Subsequently, the US then did several deals with the BOC to get a substantial amount of gold to pay back the Bundesbank which was sent over to England from March until June 1968. One can, again, only speculate on the quality of said gold. The Fed then created unsettled accounts to account for these transfers between itself and the Buba.

In light of the above facts and evidence, one can see why the Buba is doing all in its power to avoid the spotlight being shone on the purity of its gold inventory: after all the last thing the German central banks would want is someone to go through the publicly available archived literature, to put two and two together, and figure out that it does not take one massive "rehypothecation" (see "to Corzine") event for German gold credibility to be impaired: all it takes is death from a thousand micro dilutions over the decades to get the same end result. Because chipping away one ounce here, one ounce there for years and years and years, ultimately adds up to a lot.

We eagerly look forward to the Buba's next iteration of self-defense. We can only hope that this one does not include a reference to a "phantom debate", to "East German terrorist Simon Gruber" or to Goldfinger, as it will merely further destroy any remaining credibility the Bundesbank may have left in this, or any other, matter.

* * *

Look forward to more archive-based disclosure ot what may have happened to Buba's, and not only, gold in the coming days and weeks.

 

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Fri, 11/09/2012 - 17:38 | 2966177 CPL
CPL's picture

Mexican standoff.  Watch out.

Fri, 11/09/2012 - 17:42 | 2966196 MiguelitoRaton
MiguelitoRaton's picture

Tungsten now trading at $1731.40 per Oz...problem solved

Fri, 11/09/2012 - 17:47 | 2966218 CPL
CPL's picture

If the contract was in tungsten.

 

This weekend everyone is going to figure it out and you bet your ass geologists, P Material Engineers, Metal Smiths and Cash for Goldsteins are being called all over the world on this to assess their deliveries.

Fri, 11/09/2012 - 17:48 | 2966228 malikai
malikai's picture

Uh, that report said there was iron in those bars. Is iron a common find in refined bars? That doesn't make much sense to me at all.

Fri, 11/09/2012 - 18:03 | 2966275 CPL
CPL's picture

Only if taking the delivery in 100's of tonnes of pig iron.

Fri, 11/09/2012 - 18:29 | 2966368 knukles
knukles's picture

Here's what we also know.
Many of the old photos of the gold in Ft. Knox are not of LBMA good delivery standards.
Yes, we can see that Just By Looking.
LBMA good delivery standard requires that the top of the bar be larger than the bottom so as to facilitate it being lifted by hand (Fact, see LBMA website) as each should weigh something right around 440 oz. (Fact) and have a chemically established purity assay embossed/stamped thereupon (Fact).

Now, that said bars sent from FED to Buba did not measure up to purity standards, means that said bars were either....
Represented as LBMA good delivery standard and therefore Fraudulently Delivered as Good or,
Not represented as LBMA and would by necessity need to be refined (remelted and recast) to meet LBMA standards, properly assayed and bearing the refiners marks (Fact, again see site)

Now, that the FED agreed to make whole is a meaningless entry, for if they were indeed LBMA, there would be no need to make whole, if fraudulently represented as such, there is a contractual necessity to make whole as Buba can reasonable demand LBMA good delivery (Unless officially being screwed knowledgeably by the Fed and BoE) or, was sending all sorts of coin junk (non-good delivery) as they'd run out of the other?!?!?!?!

So one way or the other, this in my mind constitutes a smoking gun.

PLUS  Back to the video tape er, photos.  The old photos of the Ft Knox and the PR pamphlet form the NY Fed (the latter case I am not 100% sure of but think its the case, ref NY Fed website) show "square" "brick" form bars without the top and bottom being of differing sizes. 
Those are not LBMA good delivery.  Period, and probably represent the US's Assay Office coin bars which lends credence to the statements about running out of good delivery bars, etc.

Ah, but the plot thickens.
See, anything exchanged between LBMA recognized vaults must be transported by LBMA recognized shippers and be in LBMA good delivery form.
Period, end of conversation.

To suggest there's a problem is probability highest.
Second case might be with all our (US and UK) troops still occupying Germany, "fuck ya'll take what we give ya" might have been the order of the day... which is still the back to the case of highest suspicions.

Hmmmm

I love a good mystery.

(mystery my ass)

Fri, 11/09/2012 - 19:03 | 2966464 SafelyGraze
SafelyGraze's picture

in case you missed it last time:

it's all just a bunch of gold-foil-wrapped lasagna noodles

for real

you'd think someone would have noticed how light they felt

and the Mueller's package they shipped in

Fri, 11/09/2012 - 19:45 | 2966570 strannick
strannick's picture

Canadian Mint now selling units of undeliverable silver EFT.

http://www.silverdoctors.com/new-royal-canadian-mint-silver-etr-is-just-another-fractional-bullion-scam/

Not surprizing as Canada has a long history of participating in gold price suppression, selling gold to help its US overlords control the price, being one of the first western central banks to dump their gold in 1980s

http://www.ratical.org/ratville/CAH/linkscopy/Cshift2euro.html

Fri, 11/09/2012 - 20:21 | 2966671 saturn
saturn's picture

Next headline: Ron Paul: "End the FED AND the FRACTIONAL reserve GOLD!"

Fri, 11/09/2012 - 20:26 | 2966687 Al Gorerhythm
Al Gorerhythm's picture

Next headline: People to the Central Banks; "GIVE US OUR WEALTH BACK!" 

Fri, 11/09/2012 - 20:37 | 2966717 francis_sawyer
francis_sawyer's picture

Jews steal gold & have done so throughout recorded time...

So tell me something I don't already know...

Fri, 11/09/2012 - 22:50 | 2966992 prains
prains's picture

So tell me something I don't already know...

 

Dick Cheney is not Jewish

Fri, 11/09/2012 - 23:50 | 2967095 markmotive
markmotive's picture

We're basically days away from WWIII so what does it matter anyway? Gold melts in a nuclear fireball.

Iranian jets fire on US drone in international airspace.

http://www.planbeconomics.com/2012/11/09/iranian-jets-fire-on-u-s-drone-...

 

Sat, 11/10/2012 - 10:19 | 2967551 SWRichmond
SWRichmond's picture

Gulf of Tonkin; yes, I've been watching this.

Sat, 11/10/2012 - 13:44 | 2967812 francis_sawyer
francis_sawyer's picture

@prains (above)

1. I KNEW Dick Cheney was not Jewish... (so that's FAIL #1)...

My comment was "Jews steal gold"... The methods for doing so have been various throughout recorded history, but the result is the same...

Mostly, the THEFT has occurred by way of illicit banking schemes (might as well just call ALL of them "ponzi's" for the sake of simplification)... Nevertheless, it all amounts to THEFT... Most recently [last century, & more], the MIC (which is where your boy Cheney comes in, & which, along with oil, has become the BLOOD which runs the body) have become part & parcel of the same schemes which are led by the same banking thieves who have assembled themselves together into a [not so] hidden cartel over time...

So nowadays... non-jews happen to be beneficiaries as well, but they are just agents... It's always the same scheme, & as you follow the pyramid upwards towards its capstone, the PURER the theft becomes refined into a group with a SINGLE common denominator...

~~~

Of course... francis_sawyer will be the one who gets "junked" for making these types of comments... But the TRUTH is... I'm NOT the one stealing your gold or your wealth... In fact ~ I'm doing quite the opposite... I'm trying to help you hurdle the barrier that has been created in your mind that you won't be "liked" by people if you speak certain truths... & in the process, HOPEFULLY, I'm helping you to preserve your hard fought for wealth instead of having it stolen from you...

You don't have to thank me...

Sun, 11/11/2012 - 01:36 | 2969258 prains
prains's picture

franc

i won't thank you because the jews are just the middle men in this transaction but you keep falling for it 

 

 

 

 

Sat, 11/10/2012 - 12:43 | 2967704 Wile-E-Coyote
Wile-E-Coyote's picture

This story stinks, I would have thought a drone would be easy to bring down. The ramping up of tension has begun.

Sat, 11/10/2012 - 03:57 | 2967365 TwoShortPlanks
TwoShortPlanks's picture

Cheney is Zionist...oh, and a war criminal.

Fri, 11/09/2012 - 23:11 | 2967025 Buzz Fuzzel
Buzz Fuzzel's picture

            /|\

Moron     |

Sat, 11/10/2012 - 09:59 | 2967535 Big Slick
Big Slick's picture

Point of perspective:  In 1968 only half as much time had elapsed since WWII as as elapsed from 1968 to now.  The generration who wrote the memo was the same one being fire-bombed by V2s.  Just sayin'

Sat, 11/10/2012 - 05:43 | 2967401 bigkahuna
bigkahuna's picture

Everyone likes to steal gold.

Sat, 11/10/2012 - 06:26 | 2967408 TwoShortPlanks
TwoShortPlanks's picture

That's true, I've just pinched yours and I feel great.

 

Sat, 11/10/2012 - 15:26 | 2968141 francis_sawyer
francis_sawyer's picture

Not true... While I like gold ~ I don't want to STEAL it...

FAIL

Sat, 11/10/2012 - 04:41 | 2967387 elementary
elementary's picture

It's interesting that we are seeing so many of these "fake gold" stories in the last 6 - 12 months. Perhaps it is a final attempt to separate the only thing of value from the little people.

Sat, 11/10/2012 - 13:01 | 2967737 Ident 7777 economy
Ident 7777 economy's picture

 

 

 

 

 

Exclusive: Bank Of England To The Fed: "No Indication Should, Of Course, Be Given To The Bundesbank...

- Circa 1968

 

We have very easy, quick techniques today to ascertain if somethng is rotten in Denmark in the way of bogus Gold bars ... Don't buy into the hype.

 

Fake Gold Bars - How to detect them using ultrasound testing

http://www.youtube.com/watch?v=rh0Mcagio5Q

 

THIS technology DID NOT exist back in 1968 ...

 

 

 

 

Fri, 11/09/2012 - 19:03 | 2966465 CPL
CPL's picture

I got the perfect guys to solve that mystery.  Riddle below.

...

My job is so fukking unbelievable. I'll try to sum it up by first telling you about the folks I work with:

First, there is this supermodel wanna-be chick. Yeah, okay, she is pretty hot, but damn is she completely useless. The girl is constantly fixing her hair or putting on makeup. She is extremely self-centered and has never once considered the needs or wants of anyone but herself. She is as dumb as a box of rocks, and I still find it surprising that she has enough brain power to continue to breathe.

The next chick is completely the opposite. She might even be one of the smartest people on the planet. Her career oppertunities are endless, and yet she is here with us. She is a zero on a scale of 1 to 10. I'm not sure she even showers, much less shaves her "womanly" parts. I think she might be a lesbian, because every time we drive by the hardware store, she moans like a cat in heat.

But the jewel of the crowd has got to be the fukking stoner. And this guy is more than just your average pothead. In fact, he is baked before he comes to work, during work, and I'm sure after work. He probably hasn't been sober anytime in the last ten years, and he's only 22. He dresses like a beatnik throwback from the 1960's, and to make things worse, he brings his big fukking dog to work. Every fukking day I have to look at this huge Great Dane walk around half-stoned from the second-hand smoke. Hell, sometimes I even think it's trying to talk with its constant bellowing. Also, both of them are constantly hungry, requiring multiple stops to McDonalds and Burger King, every single fukking day.

Anyway, I drive these fuktards around in my van and we solve mysteries and shit.

Fri, 11/09/2012 - 19:33 | 2966537 Harbanger
Harbanger's picture

The Diva, the Dyke, the Beatnik and his lover.

Fri, 11/09/2012 - 23:24 | 2967054 jeff montanye
jeff montanye's picture

the dog's his lover?  

seriously i went to a five year old girl's birthday party and they all were there.

Sat, 11/10/2012 - 12:36 | 2967679 PLira
PLira's picture

Rut rohh

Fri, 11/09/2012 - 20:27 | 2966688 Likstane
Likstane's picture

CPL_You must be the 6'4" blonde haired stud with the white sweater and the tight jeans.  Why the hell do you hang around with these jerk-wads unles you think you are going to get in the supermodels pants?  Maybe you should branch off into your own detective company; maybe lose the sweater and get a partner named Starsky and drive around a red Grand Torino...that would be cool. 

Sat, 11/10/2012 - 04:26 | 2967381 piliage
piliage's picture

But think about it, he's got the title, free and clear, to at least 200 broken down amusement parks in the US. It's a mini empire.

Fri, 11/09/2012 - 20:58 | 2966768 SafelyGraze
SafelyGraze's picture

"I got the perfect guys to solve that mystery. Riddle below."

I'm gonna have to go ahead and say .. "batman"?

that's probably not right.

is that right?

is it batman?

I think it's batman.

that's gonna be my guess.

batman.

Fri, 11/09/2012 - 21:42 | 2966866 knukles
knukles's picture

Oh I get to play Robin....
Where my tights, where my tights, where my tights?

Fri, 11/09/2012 - 22:33 | 2966963 erg
erg's picture

Holy ethyl Batman...I have a nasty run in my leotard.

Sat, 11/10/2012 - 10:39 | 2967568 Jafo
Jafo's picture

If cock robin is the answer what is the question?

 

What's that up my ass, Batman?

Fri, 11/09/2012 - 23:32 | 2967061 swmnguy
swmnguy's picture

Wow, you work for the SEC?

Sat, 11/10/2012 - 00:03 | 2967106 Newsboy
Newsboy's picture

Rooby Roo!

Sat, 11/10/2012 - 02:54 | 2967327 ebworthen
ebworthen's picture

C'mon, Thelma is hot.

I just know she's a closet Kielbasa swallower.

Sat, 11/10/2012 - 12:31 | 2967683 StychoKiller
StychoKiller's picture

Linda Cardillini definetly is!

Sat, 11/10/2012 - 21:12 | 2968907 sgorem
sgorem's picture

"there is this supermodel wanna-be chick. Yeah, okay, she is pretty hot, but damn is she completely useless". I hate to inform you, BUT, two tits, a hole, and a heartbeat does not make one "useless". And a heartbeat is optional.:)

Sat, 11/10/2012 - 21:44 | 2968980 BTFDemocracy
BTFDemocracy's picture

Copied from Reddit.com

Fri, 11/09/2012 - 19:10 | 2966485 macholatte
macholatte's picture

 

 

..the FED agreed to make whole is a meaningless entry,

 

But, but what if the Fed printed some 1969 dollars? Wouldn't that make up the difference, factor for inflation and all that?  Shirley, the 1969 paper is worth way more than the 2012 paper.

 

http://www.youtube.com/watch?NR=1&v=M5QGkOGZubQ&feature=fvwp

 

 

Fri, 11/09/2012 - 20:02 | 2966617 CrockettAlmanac.com
CrockettAlmanac.com's picture

If Buba used the refunded cash to purchase more gold to add to the bad delivery bars and then recast them to good delivery standards there is no problem. But if Buba pocketed the cash and still has bad delivery bars marked as good delivery bars then the German gold supply numbers would be invalid to some degree and the possibility exists that those bad delivery bars will be passed on to someone else as good delivery bars.

Sat, 11/10/2012 - 00:34 | 2967152 DaveyJones
DaveyJones's picture

it would indeed be a "good" mystery

if there were any good people involved

Fri, 11/09/2012 - 18:07 | 2966292 Almost Solvent
Almost Solvent's picture

Iron, lead, tungsten, whatevz. 

How many bars are we holding that are coated with gold colored rustoleum (so they don't rust)? 

Rust would be a quick sign that the assay is not good.

Fri, 11/09/2012 - 18:25 | 2966342 CPL
CPL's picture

Start shipping foil wrapped caramilk bars for all the good it'll do them now.  This is serious stuff, government toppling in fact.  The people of england will hardly stand for the fact their own political class, all of them, for giving away their back up plan.

 

It's going to get so weird in the UK real fast.

 

Psst, Fellow Canucks and fellowship of the commonwealth.  We're next.  The Queen will not be amused, at all.  Please consider at the end of the day in the commonwealth, the buck stops with the Queen.  Always.

 

 

Fri, 11/09/2012 - 18:28 | 2966369 jmcadg
jmcadg's picture

I like your optimism of British people in all matters gold. Sadly they are mostly worried about who's going into the jungle and who's out of x factor, or some other such bullshit ... I think!

Cover up should be easy this side of the pond. Some Tory toff has thrown his toys out of the pram for being tarred with Jimmy Savile's brush! Allegedly!

Fri, 11/09/2012 - 18:59 | 2966453 CPL
CPL's picture

And that is good for you.   It gives you time to prepare while everyone is being amused to death.   Otherwise fuck'em, there isn't time to help them either now.  This gaffe has created a big solvency problem for the UK.

 

If the pound is worth a fiddlers fuck by Weds colour me surprised, because the assumption everyone had all this gold lying around to back their asset as the back up plan.  Now it's confirmed that the Republic of Togo has more gold than the UK and more credibility.  Christ what a mess.

 

If you have anyway to buy gold, silver, cagarettes, pot, booze, food, tarps (blue and clear), zipties, seeds, rope, 180 piece toolkits with carpentry toolbox....anything not perishable and tradable I suggest you go get some shopping done tommorrow with lots of cash, do not use credit cards to identify purchases or ownerships.  Keep it quiet and tidy so to speak.  Lots of lists online that can provide details with supply lists for various budgets and situations.

 

England needed that gold for securing Iranian energy.  They don't take IOU's or fiat of any kind.

 

Fri, 11/09/2012 - 18:37 | 2966396 knukles
knukles's picture

Her Majesty will get so fucking pissed she'll morph right lickety split into the Reptilian Annanuki trans-human individual she is, eat George  Cameron in one big bite, breathe fire on Princess Whazhername and consume the web wrapped body of King George II been in storage in the basement of the Tower of London for just such a special occasion and all will be filmed live by Alex Jones and the BBC in memorium of Gary Glitter and Sir Jimmy Seville with David Icke as guest host and professional commentator.

Awesome.

(I so miss London, the Scotch of St James in Mason's Yard and young ...oh never mind ....)

Fri, 11/09/2012 - 19:28 | 2966529 old naughty
old naughty's picture

anxiously waiting...

So, this is why we are here for? Witnessing.

Fri, 11/09/2012 - 20:37 | 2966718 kaiserhoff
kaiserhoff's picture

young... pussy on the hoof?  Bet you don't miss the weathuh.

Fri, 11/09/2012 - 21:53 | 2966890 knukles
knukles's picture

I loved the weather.
Nothing better than a sweet young thing, all dolled up to the nines, motor in from Chigwell, pre motorway days.. Spot of rain, clinging under the brolly.

Was bloody romantic back in the early 60's, civil society, clean, safe

Back in the old days when London's population was primarily Brit.

Not the same these days, what?

Fri, 11/09/2012 - 21:35 | 2966851 lakecity55
lakecity55's picture

xTRA +1!

Fri, 11/09/2012 - 23:24 | 2967052 willwork4food
willwork4food's picture

LOL!Good one Knuckles.

Sat, 11/10/2012 - 00:37 | 2967155 DaveyJones
DaveyJones's picture

knuckles, what did you eat tonight?

Sat, 11/10/2012 - 03:57 | 2967364 DeadFred
DeadFred's picture

The Annunaki are back? I thought we only had Draco overlords at best. Sweet. We must be rising in the slave-world hierarchy

Sat, 11/10/2012 - 01:38 | 2967246 Redhotfill
Redhotfill's picture

The QUEEN?!   I thought that was the Govenor General's job?  

Fri, 11/09/2012 - 18:15 | 2966322 CunnyFunt
CunnyFunt's picture

Trace metallic elements are always found in that 0.001% There are limits for these tramp metals, but it seems like JM didn't assay anything. Even if they didn't assay the bars prior to going into the pot, they should have taken a pin-tube sample of the melt and assayed it BEFORE the pour. Never assume it's pure.

Sat, 11/10/2012 - 09:45 | 2967515 malikai
malikai's picture

Thanks for that. I don't know that business, but the fact that it was sticking to the pot stood out to me. It seems either A) very poor quality work, suggesting many other potential problems OR B) fraud. 

But I don't know. I'm not qualified to talk about that stuff.

Fri, 11/09/2012 - 17:49 | 2966231 Gully Foyle
Gully Foyle's picture

Biden 2016, fuck a phone Joe has free tablets for all.

Fri, 11/09/2012 - 18:00 | 2966267 Unprepared
Unprepared's picture

At least 6 central banks have been conspiring to feed citizens currency bills that were substantially subpar.

Fri, 11/09/2012 - 20:44 | 2966738 Karlus
Karlus's picture

So if the US Govt does not have any gold, why do they mint coins? Surely it cant be for the small amount of markup...its not even a rounding error compared to the QEInfiniti.

Why would they coin at all?

Sat, 11/10/2012 - 01:44 | 2967253 Redhotfill
Redhotfill's picture

This year, the Mint's bullion facility at West Point, NY, has produced 1,767,500 gold coins, about a quarter of the number produced in Philadelphia in 1904. Why so few, when the buying public clearly demands more?

The short answer points up the perils of depending on outside producers in a chain of manufacture - the Mint has over the past few decades outsourced all precious metals refining and planchet production to foreign mints and private refiners.

Bullion Eagle buyers will long remember that from August of 2008 through February of 2009 in the case of gold Eagles, and for the last ten months of 2008 in the case of silver Eagles, the US Mint was unable to produce coins sufficient to meet demand. During those long periods, premiums charged to the average consumer soared, as the Mint could not obtain enough blanks to fulfill their obligation to supply US bullion buyers adequately.

Director of the Mint Edmund Moy, in an editorial in Coin World magazine last month, wrote that “(W)e are using all sources that can supply planchets – and which meet required specifications – to meet the unprecedented demand that we are facing.”

 

Source  http://www.onlygold.com/Articles/ayr_2009/Free_TheUS_Mint.html

Sat, 11/10/2012 - 23:58 | 2969152 Buck Johnson
Buck Johnson's picture

It's so funny and Germany was a fool.  Why store your gold in another country, I guess it made sense during the cold war but it's over and get it all back in your power.  This is funny because a few years ago there was a program on NBC that had Brian Williams doing an hour long show on 1 day in the white house and in one part he was in the oval office Obama was at his desk and there was a few others (don't remember their names).  He asked about certain things and they said everything is going find and then Obama asked about the German situation and then it got kinda weird where one of the others asked if they could have the cameras out of the room.  The rumor was that German was asking for it's gold back during this time.

Fri, 11/09/2012 - 17:38 | 2966178 lemonobrien
lemonobrien's picture

where's my golds?

Fri, 11/09/2012 - 18:28 | 2966367 CPL
CPL's picture

Gold...silver...tin.  It's metal right?

Fri, 11/09/2012 - 17:40 | 2966181 Sands8oo
Sands8oo's picture

Ask for my gold.

Receive my lead.

Fri, 11/09/2012 - 17:45 | 2966209 otto skorzeny
otto skorzeny's picture

"Pa-I got the gold right here Pa"

Fri, 11/09/2012 - 18:03 | 2966277 toady
toady's picture

I'm not your pa!

Fri, 11/09/2012 - 18:03 | 2966279 markovchainey
markovchainey's picture

+1 - Outlaw Josey Wales reference...brilliant!

Fri, 11/09/2012 - 19:33 | 2966538 MiguelitoRaton
MiguelitoRaton's picture

Would you like that lead painted gold and mailed to you, or hot, pointed and traveling at 2,263 fps?

Fri, 11/09/2012 - 17:47 | 2966222 Gully Foyle
Gully Foyle's picture

Sands8oo

Funny how the internet gives everyone Supermans balls of Steel.

But I hear in a firefight damn near everbody shits himself.


Fri, 11/09/2012 - 18:02 | 2966271 JohnG
JohnG's picture

 

 

Not everyone, mostly replacements until (if) they get a little time under thier belt.  Last thing my Dad told me before dropping me off for grunt school: "Don't shit yourself when the shooting starts son."

Fri, 11/09/2012 - 18:09 | 2966300 Winston Churchill
Winston Churchill's picture

Right after the adrenalin wears off, the first time.

Fri, 11/09/2012 - 18:22 | 2966351 markovchainey
markovchainey's picture

I just take my pants off, problem solved...well, mostly...

Fri, 11/09/2012 - 18:46 | 2966424 Raymond Reason
Raymond Reason's picture

Not necessarily.  Psychologists say many people fear death less than giving a speech. 

Fri, 11/09/2012 - 19:13 | 2966498 11b40
11b40's picture

Don't believe 'em.

Sat, 11/10/2012 - 13:50 | 2967858 WAMO556
WAMO556's picture

Really??? And what two way range have you ever worked. Your words are spoken from a position of ignorance. YOU probably shit your pants because you have a cowardly soul.

All thieves think others are thieves and all cowards think others are cowards.

Ya, I junked ya too!

Fri, 11/09/2012 - 17:40 | 2966185 Motorhead
Motorhead's picture

Quatsch, bitchez!

Fri, 11/09/2012 - 17:51 | 2966188 otto skorzeny
otto skorzeny's picture

amazing that a barbarous relic is still so sought after.

Fri, 11/09/2012 - 18:00 | 2966266 malikai
malikai's picture

I just like the way coins skip when you throw them into deep water.

Fri, 11/09/2012 - 18:01 | 2966269 falak pema
falak pema's picture

a bit like women; scarlett J is now a barbarous relic in Paris.

Fri, 11/09/2012 - 19:18 | 2966515 DosZap
DosZap's picture

amazing that a barbarous relic is still so sought after.

 

Yes it is, and ESPECIALLY since it is the ones who call it a Barborous relic,that so love to coddle & gather it.

 

Fri, 11/09/2012 - 17:42 | 2966191 CClarity
CClarity's picture

I look forward to mobile as a medium of exchange without currencies or Central Banks.  Authentication aspects are all but there and we will be conducting commerce and personal acquisitions and relinquishments this way in the future.  Think eBay + Amazon + FB + Twitter + PayPal (and even ZH).  

Banking relationships and roles gonna change big time too!  It's not too late to dump Citi, BofA and Ally.

Fri, 11/09/2012 - 17:58 | 2966259 Unprepared
Unprepared's picture

You obviously have no idea what the words exchange, value, count, money or currency are.

 

Bypassing the physical form of money doesn't solve any of the inherent problems with centralized control of such money, it just compounds it and makes that much easier to track, lever, control and corzine (in addition to several other no less serious issues such as confidentiality)

Fri, 11/09/2012 - 18:12 | 2966314 Winston Churchill
Winston Churchill's picture

Store of mobile just doesn't sound right.

Fri, 11/09/2012 - 18:16 | 2966329 Burr's 2nd Shot
Burr's 2nd Shot's picture

I lost all of my mobile in a freak sunstorm accident.

Fri, 11/09/2012 - 18:42 | 2966413 knukles
knukles's picture

Guy has no concept of digital money, infinte creation at the stroke of a key.... sorta like what the Fed does this very moment.

Tell ya waht youngin', I'll take all your gold at $1700/oz with i{Pad digitals via Knukles PlayPud System...

Fri, 11/09/2012 - 18:50 | 2966440 Burr's 2nd Shot
Burr's 2nd Shot's picture

Still waiting to see what is the nutritional value of digital money. Speaking of which, is the iPad mini a reaction to new federal portion size guidelines?

Sat, 11/10/2012 - 05:34 | 2967399 Boxed Merlot
Boxed Merlot's picture

sorta like what the Fed does this very moment...

 

In fact Ben has committed to creating 17K frns a second from now on in exchange for legal possession of US real estate backed by its member banks criminal mortgages that will now be in their control and no longer be able to be used as evidence in future court proceedings.  Mobius would be proud of the way these "smarter than us" snakes twist their way through their time on earth.  And we bless them for it!

Fri, 11/09/2012 - 17:41 | 2966192 Tinky
Tinky's picture

Just got off the phone with a high level source at Bundesbank, and he said: "Look, a 'bad delivery' is preferable to no delivery at all."

Fri, 11/09/2012 - 17:42 | 2966194 zilverreiger
zilverreiger's picture

NOU WIL IK OOK MIJN GOUD TERUG GODVERDOMME!

Fri, 11/09/2012 - 17:49 | 2966234 wandstrasse
wandstrasse's picture

Nee, nee... alsjeblieft niet!!

Fri, 11/09/2012 - 18:10 | 2966303 Herd Redirectio...
Herd Redirection Committee's picture

Geen goud vir jou.

Fri, 11/09/2012 - 23:40 | 2967073 willwork4food
willwork4food's picture

 Chinese central Bank: Gold? what gold?

Fri, 11/09/2012 - 19:47 | 2966584 dvfco
dvfco's picture

What, but American advertisers gave the

 

Fahrvergnügen

 

in exchange for the gelt.  Sounds fair, no?

 

 

Fri, 11/09/2012 - 17:42 | 2966195 Atlantis Consigliore
Atlantis Consigliore's picture

Petraeus Bitch to Media: What,  ??? What??? Jesse gave her a $ 40,000 Watch,  all I got was this Benghazi T shirt and some chocolate Luv....

SHEEPLE;... theres no Gold Goldfinger took it.... take delivery only

Fri, 11/09/2012 - 17:43 | 2966200 Meatballs
Meatballs's picture

Gimmee my Tungsten Bitchez!

Fri, 11/09/2012 - 17:43 | 2966203 Dick Fitz
Dick Fitz's picture

Damn fine Sherlocking Tylers!

Fri, 11/09/2012 - 17:59 | 2966262 falak pema
falak pema's picture

kaiser s is organising the next heist by taking us back into time; cute! 

Fri, 11/09/2012 - 17:43 | 2966204 richard in norway
richard in norway's picture

speechless!!

Fri, 11/09/2012 - 18:38 | 2966401 Itch
Itch's picture

How can you be speechless when you are having words put in your mouth?

Fri, 11/09/2012 - 18:44 | 2966418 knukles
knukles's picture

It's that momentary lapse when you get that Central Bank reach-around

 

Like jumpin' into ice cold water....

Fri, 11/09/2012 - 17:44 | 2966206 No Euros please...
No Euros please we're British's picture

Guess it's all in China now anyway. Wonder if they thought about assaying their gold holding?

Fri, 11/09/2012 - 17:47 | 2966221 Bastiat
Bastiat's picture

Bet on it.

Fri, 11/09/2012 - 18:12 | 2966313 toady
toady's picture

Don't bet on it.

They were buying fast & furious just before that last bunch of tungsten filled bars was 'discovered'

I'm thinking they were made especially for the Chinese and the ones that were found leaked out into the general population.

Fri, 11/09/2012 - 18:46 | 2966426 Parrotile
Parrotile's picture

The Chinese who are in a position to "hold gold" are a lot smarter than you give them credit for. A Chinese colleague's family has a "comfortable" gold holding, and EVERY SINGLE BAR was independently assayed by gravimetry, ultrasound and XRF BEFORE they handed over a single cent!

The people have learned the hard way to never trust anyone, especially "Westerners Bearing Gold Bars!"

Fri, 11/09/2012 - 21:42 | 2966865 smiler03
smiler03's picture

Ah yes maybe, but, did they peel the gold off?

/s for the retards

Fri, 11/09/2012 - 17:45 | 2966210 zilverreiger
zilverreiger's picture

EU  10 000 tonnes

US   8 000 tonnes

total GOLD in the world  175 000 tonnes

purported national public gold is but a speck

 

Fri, 11/09/2012 - 20:09 | 2966639 CrockettAlmanac.com
CrockettAlmanac.com's picture

 

 

 

World gold holdings (2008) (Source: World Gold Council)

Holding     Percentage
Jewellery     52%
Central banks     18%
Investment (bars, coins)     16%
Industrial     12%
Unaccounted     2%

 

http://en.wikipedia.org/wiki/Gold_reserve

Fri, 11/09/2012 - 20:14 | 2966649 akak
akak's picture

I hate these kind of disingenuous and misleading stats put out by the World Gold Council, who are just barely-concealed Nadlerites.

In fact, the VAST amount of what they list as merely "jewelry" is REALLY investment gold, simply held in the form of jewelry, mainly by a huge number of Indians, Arabs and other Asians, who traditionally do not hold gold in the form of coins or bullion bars.

Fri, 11/09/2012 - 20:51 | 2966750 Urban Redneck
Urban Redneck's picture

Americans with physical to diversify would do well to learn from their foreign fellow gold hoarders.  The IRS would have a difficult time regulating gold JEWELRY as a "monetary instrument"

Fri, 11/09/2012 - 21:34 | 2966845 CrockettAlmanac.com
CrockettAlmanac.com's picture

 

In fact, the VAST amount of what they list as merely "jewelry" is REALLY investment gold, simply held in the form of jewelry, mainly by a huge number of Indians, Arabs and other Asians, who traditionally do not hold gold in the form of coins or bullion bars.

 

That may be true but the bulk of private Indian gold does exist in the form of jewelry. I imagine that the distinctions have something to do with how the Gold Council collates it's data having received figures from mints, jewelers, etc. You are free to make any assumptions you wish about why an individual holds gold in any particular form.

Sat, 11/10/2012 - 14:05 | 2967889 akak
akak's picture

Crockett, to claim that all the gold held in the form of jewelry in India and elsewhere in Asia exists merely to decorate women on their wedding day is as disingenuous, and ridiculous, as claiming that everyone who holds gold Krugerrands, Maple Leafs, American Eagles or other bullion coins does so for purely numismatic reasons.  It is nothing but obfuscation and an outright lie.

PS: I did not downarrow you.

Sat, 11/10/2012 - 14:25 | 2967933 CrockettAlmanac.com
CrockettAlmanac.com's picture

From what I can see the Gold Council didn't claim that Indian jewelry was not intended as a store of value. All I see is a column for jewelery. It doesn''t say, "This is jewelry which is meant solely for decoration and it's not intended as a store of wealth." If the Gold Council gets figures from producers who sell gold in differing forms such as mints and jewelers then they can report categories such as bars/coins as opposed to jewelry. Is there a method you can suggest which the gold council could use to differentiate what percentage of jewelry  is produced and sold is meant for decoration as opposed to jewelry which is meant as a store of wealth or has a dual roll? I don't believe that the producers who provide that information to the Gold Council know the answer themselves. Perhaps they could have their customers fill out questionnaires and that could be reported to the Gold Council as well.

Sat, 11/10/2012 - 14:25 | 2967957 akak
akak's picture

Crockett, I understand your argument, and I don't, strictly speaking, disagree with it.  What I DO disagree with is the World Gold Council's implicit claims (often and endlessly repeated by the dishonest, disingenuous likes of Jon Nadler) that all that Indian gold jewelry is merely ornamentation and NOT the investment gold that the vast bulk of it in reality actually is.  By constantly highlighting the form of all this gold, they intentionally dismiss and try to downplay the reason why Indians, and others, actually hold all that gold, which is in fact investment, the physical form of it being largely irrelevant.

Sat, 11/10/2012 - 14:28 | 2967964 CrockettAlmanac.com
CrockettAlmanac.com's picture

I've also heard that the Gold Council participates in gold slamming. I can't answer for that. I just post those stats because they're the only ones I can find and that's better than nothing. Another source would be great.

Fri, 11/09/2012 - 17:45 | 2966214 All Out Of Bubblegum
All Out Of Bubblegum's picture

Holy shit. Nice shooting, ZH.

Fri, 11/09/2012 - 18:34 | 2966386 Mark Carney
Mark Carney's picture

my spidy senses tell me this TD discovery is what started the whole buba relamation ov zee gould

Fri, 11/09/2012 - 20:11 | 2966643 CrockettAlmanac.com
CrockettAlmanac.com's picture

In the chill of night, at the scene of the crime, like a streak of light he arrives just in time.

Fri, 11/09/2012 - 17:46 | 2966216 Burr's 2nd Shot
Burr's 2nd Shot's picture

Thank goodness all of the US gold is safe in Fort Knox! I saw something on TV saying so...

Fri, 11/09/2012 - 22:26 | 2966949 upWising
upWising's picture

Thank God there's finally SOMEBODY here on Zero Hedge who REALLY TRULY LOVES AMERCIA!!!  I know you love Amercia as much as Jesus and I love Amercia because YOU BELIEVE YOUR TELEVISION!   We know, unlike all these Amercia-hating, commie-pinko-devil-lovin', bed-wettin' Zero Hedgers that EVERYTHING ON THE TeeVee IS TRUE!!!  Praise Be!

Now remember:

WATCH YOUR TELEVISION!  (If a little is good, a LOT is better).
DRINK American ALCOHOL!  (Once again, if a little is good, a lot is better).
GO TO CHURCH, LISTEN TO YOUR PREACHER, AND MAKE GENEROUS FREE-WILL LOVE DONATIONS TO HIS MINISTRY.
and if you do all this, even if you are just sittin' in the BarcaLounger wavin' your American Flag,

IF YOU HAVE FAITH IN THE SYSTEM, you are Defending the Homeland!!!

Amercia is Jesus' Favorite Country!  ©

PRAISE BE!!!! 

Fri, 11/09/2012 - 23:59 | 2967104 willwork4food
willwork4food's picture

I take great offense at this. I love ZH and I have not wet my bed in weeks.

Fri, 11/09/2012 - 17:46 | 2966217 Gadocat99
Gadocat99's picture

This is rubbish.  This is just normal bitching by assayers working with coin melt bars.

Fri, 11/09/2012 - 17:56 | 2966253 NotApplicable
NotApplicable's picture

So... if someone steals 10% of your gold, that's okay?

Fri, 11/09/2012 - 18:11 | 2966310 Gadocat99
Gadocat99's picture

The Fed made up any discrepancies and paid for the assay.  10%? no way.  More like 0.01%  This is a non-story. 

Fri, 11/09/2012 - 18:44 | 2966419 Bay of Pigs
Bay of Pigs's picture

I'm sure the gold swaps and leases are a "non story" too?

 

Fri, 11/09/2012 - 20:55 | 2966757 The Gooch
The Gooch's picture

Kevin! It's you! 

re-hypothemelting.

Cheers, ZH

Sat, 11/10/2012 - 04:06 | 2967355 AUD
AUD's picture

Actually Gadocatt, the note could be taken to say that the US Treasury will reimburse if it receives a formal complaint.

There is an opinion that the peculiarity of the out-turn will be known to the Bundesbank. The gold however was/is stored in London for the account of the Deutsche Bundesbank.

So why then, No indication should, of course, be given to the Bundesbank, or any other central bank holder of U.S. bars, as to the refiner’s views on them?

At face value, it would seem that the BoE was happy to clear payment in sub-standard gold.

Fri, 11/09/2012 - 22:19 | 2966934 smiler03
smiler03's picture

@ NotApplicable

Can you tell me where you get the 10% figure from? Clearly 25 people agree with you but where do you get the figure from? If I say it's 20%, will I get 50 upvotes?

Fri, 11/09/2012 - 17:47 | 2966220 ironsky
ironsky's picture

I am going to read this whole article but I found it easier to read the english translation of Proust's Remembrance of Things Past.

Fri, 11/09/2012 - 19:13 | 2966497 mick_richfield
mick_richfield's picture

I just bit into that book, and it reminded me of a petite madeleine.

Fri, 11/09/2012 - 20:12 | 2966645 CrockettAlmanac.com
CrockettAlmanac.com's picture

I own a copy. Probably in the attic.

Fri, 11/09/2012 - 22:31 | 2966952 smiler03
smiler03's picture

I made a mistook, again.

Fri, 11/09/2012 - 17:48 | 2966226 Yellowhoard
Yellowhoard's picture

Calm down Germany.

How about a bong and a blintz?

Shmoke and a pancake?

Fri, 11/09/2012 - 17:52 | 2966243 zilverreiger
zilverreiger's picture

Ja ja!

Fri, 11/09/2012 - 18:57 | 2966452 buzzsaw99
buzzsaw99's picture

Well, then there is no pleasing you.

Fri, 11/09/2012 - 17:49 | 2966229 Kaiser Sousa
Kaiser Sousa's picture

Buy mo' stocks.....
Hee, hee,hee.....
PHYSCHE!!!!!

I know where my real money is.......
FUCK ALL YOU BANKERS & ESPECIALLY YOU BERNANKE!!!!!

Fri, 11/09/2012 - 17:49 | 2966230 AllAboutTheBenjamins
AllAboutTheBenjamins's picture

Simon Gruber will be disappoint.

Fri, 11/09/2012 - 17:49 | 2966236 Dr. Richard Head
Dr. Richard Head's picture

Did you hear Al Queda and the Taliban have inflitrated German borders and have set up numerous training camps around the hillsides?  Furthermore, Angela has been developing a nuclear arsenal that rivals that of Israel.  Just last week an American drone was also shot down on the eastern German border, but the US claims it was in intnerational waters.

I haven't heard it either, but wouldn't be surprised if that vitriol was spewed from the MSM organ.

Fri, 11/09/2012 - 17:58 | 2966257 fuu
fuu's picture

Didn't Germany help Iraq build the bunkers Saddam was hiding in? Their treason has been going on for decades...

Fri, 11/09/2012 - 18:04 | 2966280 malikai
malikai's picture

No need, just blame them for Europe. That's about as good a reason as any these days. Hell, we did Ghaddafi for less.

Fri, 11/09/2012 - 18:07 | 2966290 fuu
fuu's picture

They supply nuclear technology to Iran in opposition of sanctions. They must be stopped.

Fri, 11/09/2012 - 19:44 | 2966569 Tenshin Headache
Tenshin Headache's picture

Did you not notice the key role that German technology played in the Stuxnet takedown of Iran's centrifuges?

I think Germany was quite happy to take Iran's money knowing the whole thing would be taken apart by a virus. A good chunk of Iran's capital went poof, and meanwhile the sanctions continue, complicating efforts to get the program fully back on track.

That's the way I view it, in any event. A slick bit of sabotage, economic benefit to Germany and a stranglehold around Ahmadinejad's neck.

Sat, 11/10/2012 - 00:04 | 2967107 willwork4food
willwork4food's picture

Above anything else, they refuse to sell Becks @ prices the average american can afford. Clearly, we have a problem.

Sat, 11/10/2012 - 01:13 | 2967219 Jam Akin
Jam Akin's picture

Not only that but what they send here as Beck's is not the good stuff...they keep that for themselves.  Terrorists!

Fri, 11/09/2012 - 18:17 | 2966330 ThirdWorldDude
ThirdWorldDude's picture

Story already in progress : EU budget talks hit stone wall

Fri, 11/09/2012 - 19:04 | 2966471 knukles
knukles's picture

This just in:  US budget talks splatter upon hitting pavement.  No future bounces anticipated.

 

(I keep getting that vision of Major "King" Kong (Slim Pickens) riding the bomb out of the B-52 over Russia in Dr. Strangelove screaming "Yippee Ki Yea")

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