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IMF To Use Gold Sale Proceeds To Fund Low-Income Countries
Gold may not be money, but the proceeds from selling it sure is, at least to the IMF, which moments ago announced that it has received government approval to "transfer the profits from gold sales low-income countries." Reuters reports that "The International Monetary Fund has received approval from its member nations to transfer the profits from gold sales conducted a few years ago to a fund to help low-income nations, IMF chief Christine Lagarde said on Thursday. "We have just reached the threshold of enough approval from our membership to transfer the existing gold profit to meet the financing needs of our low-income countries," she said at a news briefing opening the fall meetings of the IMF and World Bank."
What was left unsaid is that the bailout needs of the high-income countries, once the debt crsisis comes back with a vengeance as it always does - which as the Keynesian uberminds have demonstrated can only be "solved" with more debt, more monetization, and more pent up inflation - will make sure that gold prices jump right back to new highs at which point the IMF can sell another batch of gold to fund the "poor countries" again, and so on, repeating the process until all fiath is extinguished, or until the IMF runs out of gold, whichever comes first.
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Sure it is. lol.
Always skeptical of the IMF but this does align the interests of alot of stakeholders in gold towards higher gold prices. Certainly the IMF would benefit from higher prices towards this stated goal.
Is that ascot the beta design for the "New World Order" global flag?
Oh, and while I'm at it, can somebody explain what this means:
"We have just reached the threshold of enough approval from our membership"
What is "enough" approval. When you go to your manager to ask for permission or resources to do something does he give you a certain level of approval? Like, "I give you 62% approval" on your request? Sure, there are situations where things get voted on, but in the end, "approval" is still a yes/no thing. You get it or you don't. Yes? No?
IMF = Institution of Mother Fuckers
who or is it whom is that dude?
I think I've just found Germany's gold.
So I guess the "existing profits" will settle some outstanding debts?
On that German line of thought, I'm going to say the gold goes to Columbia to pay for all that coffee that ze Germans are "experts" at roasting. Or, all the cacao that the Swiss and Belgians love to refine so well. Or maybe, oil ...
The non-profane version (for mixed company and more polite circles) is
Indentured Money Fraudsters.
They need approval of 85% of the voting members to do this.
http://www.imf.org/external/np/exr/facts/gold.htm
And this gold sale happened in 2009 and 2010.
And Christine LaGarde looks like an alpaca.
So let me summarize their "plan":
Take real money, convert to paper with ink on it, send said paper with ink on it to countries that have the worst governments (dictators, communists, thieves, warlords, etc), let those countries spend it all on maintaining said governments by whatever means necessary and then claim "Look how much we care!!"
Then rinse, repeat as they've been doing since the IMF and World Bank were created by the elitists.
Sounds solid. Nothing can go wrong here.....
They trade the gold for paper with their 'friends' then send all the worthless paper to the third world. It's a Shell game disguised as generosity with a kick back of exporting inflation. That's the plan here.
No mystery to Indian giving when it comes to Europe. They've been doing it for centuries so expect nothing different out of Europe.
Warning to anyone lining up for all that 'free money'...it ain't free.
It is a bib used when drinking blood and dining on the flesh of recently sacrificed children. This bastard offspring of Geroge Hamilton and a leather couch needs to be shot hung and pissed on, not necessarily in that order.
You guys can call me an old bastard ... but, I would fuck her.
i would call you sooo many more things than an old bastard.....
Double wrap it and strap a board to your ass just in case.
her cooter probably looks like a tired dogs mouth
I would rather suck on the business end of a 1911 in operation.
Are you a spent Cartridge before or after the dirty deed with Lagarde? Or both?
Except that your cartridge is already spent...
Kinda the other way around.
She's trying to fuck EVERYBODY but her cronies and associates.
Report back if she has a giant clit and if the carpet matches the drapes.
We're the IMF and we own your ass.
What low income country is getting the free gold profit moneys, the U.S.S.A.?
No read it again.
For all of Europe's gilded splendour, I would say that they are having a hard time resolving contracts for raw materials. Raw material suppliers are a lot smarter than anyone gives them credit for. I imagine bullion was offered at the current price. The offer was rejected. So now bullion is offered at the 2011 price however not in bullion but in fiat. That too will be rejected. Growers can always eat their product. I have banana and cacao producers in the family, they know how to produce, they keep it a secret. It is easy to underestimate them. It is not easy to grow. You can buy out a producer, but you can't assure the product.
She a look like a man
Time to buy vol http://www.google.com/finance?chdnp=1&chdd=1&chds=1&chdv=1&chvs=maximized&chdeh=0&chfdeh=0&chdet=1381433280000&chddm=6537&chls=IntervalBasedLine&q=NYSEARCA:XIV&ntsp=0&ei=H7hWUqm6BM7H0AH3jwE
She looks like a lizard to me.
So, 'poor' countries are now on welfare.
Cloward-Piven, bitchez. Let the world burn.
TRADITION!!!! and from bloomberg.....
"The swap line will be valid for three years and have a maximum size of 350 billion yuan ($57 billion) when Chinese currency is provided to the ECB and 45 billion euros when money is given to the PBOC, the Frankfurt-based central bank said in an e-mailed statement today. Photographer: Nelson Ching/Bloomberg
The European Central Bank and the People’s Bank of China agreed to establish a bilateral currency swap line, bolstering access to trade finance in the euro area and strengthening the international use of the yuan.
The swap line will be valid for three years and have a maximum size of 350 billion yuan ($57 billion) when Chinese currency is provided to the ECB and 45 billion euros ($61 billion) when money is given to the PBOC, the Frankfurt-based central bank said in an e-mailed statement today. The arrangement is available to all Eurosystem counterparties via national central banks, it said."
Oh ye, maybe it is more about the empty JPMorgan and COMEX vault? China is buying and taking all availible Gold now for physical delivery.
Catalyst: Uncovering China’s Rush for Gold
While a lot of people are still wondering why the Gold is beaten down again, it is important to keep the big picture in front of you. As it is happening with Copper now the main player in this market is the same - China is on track to implement state level plan to diversify US Dollar based assets. We would like to share with you brilliant report conducted by Jan Skoyles on this subject. http://sufiy.blogspot.co.uk/2013/10/catalyst-uncovering-chinas-rush-for.html#
Gold Smashed Down In Desperation As COMEX Inventory Remains Thin GLD, GDX, MUX, TNR.v
Now we have the report from Jesse which shows us the reason for the recent run on the Gold. Game of the musical chairs is unfolding in front of our eyes, there is no Gold left for deliveries as China is taking everything availible from the system now. The very existence of Gold bullion banks fractional reserve system is under question now. http://sufiy.blogspot.co.uk/2013/10/gold-smashed-down-in-desperation-as.html#
http://koosjansen.blogspot.nl/2013/10/economic-power-shift-to-china.html
Hurry up....Haiti is running out of cash < to steal > !!
Sounds like somebody needs Physical in their vaults..and this is the cover.
Oh ye, maybe it is more about the empty JPMorgan and COMEX vault? China is buying and taking all availible Gold now for physical delivery.
Catalyst: Uncovering China’s Rush for Gold
While a lot of people are still wondering why the Gold is beaten down again, it is important to keep the big picture in front of you. As it is happening with Copper now the main player in this market is the same - China is on track to implement state level plan to diversify US Dollar based assets. We would like to share with you brilliant report conducted by Jan Skoyles on this subject. http://sufiy.blogspot.co.uk/2013/10/catalyst-uncovering-chinas-rush-for.html#Gold Smashed Down In Desperation As COMEX Inventory Remains Thin GLD, GDX, MUX, TNR.v
Now we have the report from Jesse which shows us the reason for the recent run on the Gold. Game of the musical chairs is unfolding in front of our eyes, there is no Gold left for deliveries as China is taking everything availible from the system now. The very existence of Gold bullion banks fractional reserve system is under question now. http://sufiy.blogspot.co.uk/2013/10/gold-smashed-down-in-desperation-as.html#
Those low income countries own a ton of debt, those "payments" will go straight to a bank in Europe. What a load of BS.
Behold, the new, "Good money after bad", example.
Mamma LeGarde is gonna make it RAIN!
The Ponzi must go on. It needs moar time, to make the bait on the Debt hook sink down to the gut.
Moar time to make the whole planet into debt slaves. Welcome to Indentured Planet, courtesy of the Fed and the Indentured Money Fraudsters.
She's wearing a scarf that's a stylized French flag.
Completely non partisan, eh?
goes good with her mustache, tho .
the IMF chairmanship is an excellent avenue for a later Presidentship, after all
remember DSK? without his stumble in the NY "honeytrap" he'd possibly be the French President instead of Hollande
among europeans we expect attachment to the nation of origin. you can't be a "good european" without being a "good <insert one out of 28>" first
the main reason why we don't call the EU the European Confederation is so that we don't offend Yankee sensibilities
By all rights, she's supposed to be wearing prison-orange.
After her apt. was raided, charges against her were quietly 'handled'. Unlike her predecessor (who was not a GS alumnus), her life was not paraded on prime-time MSM, and she retained her position of power.
The banker's deathgrip on the world is fucking amazing. I don't know what it's going to take for iSheeple to look beyond the distraction of traditional politics and see who the real enemy is. I don't believe that they ever will.
Starvation, no heat, no gas, ...
Neither do I. Nobody's waking up who wasn't already awake. This is the world moving forward. Don't like it? Drop a comment in the suggestion box and somebody from Management will get back to you.
I've got a great feeling about that one Todd.
http://www.youtube.com/watch?v=4odSVNzZz1s
Dr Engali... You used to be so soft-spoken. You've changed.... Now think of the positive.. that gold can end up in your hands someday! (If you end up buying it of course, and not follow our lead here on ZH and take your precious with you out on deep-sea boating expiditions)
What is the source of the IMF's gold? Inquiring minds want to know.
What is the source of the IMF's gold?
http://www.scribd.com/Free_Nations
At this rate, the Chinese will have ALL the gold. Actual gold, and with a creamy tungsten center!
Breaking: Greek government may indeed planning provocation operations!
http://failedevolution.blogspot.gr/2013/10/breaking-greek-government-may...
That site could use something better than Google Translate. It still sounds like Greek to me.
if they're smart the low income countries will use that money to buy gold
OK, but when the SHTF, who would they sell it to, and for what - SDRs?
Seriously and realistically, folks won't be trading internationally with bullion. There would be some representative issued "currency", if only electronic.
Anybody got any thoughtful guesses what it may be?
if you're a low income country you use that gold to back your currency. pretty soon you are buying american assets at ten cents on the dollar. people want your currency and since your country is small the currency float is too. (switzerland used to do this). the real work is to put that gold back into the ground so that it APPEARS to be a resource, (you salt the mine) and that way leverage your small amount of gold into a HUGE gold mining operation, which can never actually mine any gold, so there are labor disruptions, and so on, you keep up the illusion that your gold reserves in the ground are huge. would you like to hear some less well thoughout ideas?
Print it, and in order to sell it borrow it Hypothecate it, and counterfeit it:
its the Keynsian Way: watch the shit hit the fan when EZ Janet is in, in Jan and at the first FED Meet, Bonds collapse....
fiat currency, LOL
Shame. I thought the headline was that they were going to sell MORE gold to fund low-income countries. That would have truly been a bottom indicator. Their timing is usually impeccable(y bad).
Why not just send Ben Bernanke ( he'll be available in January) to head up low income countries Central Banks and work his 'magic' there. I mean he can create jobs and wealth with his 'temporary emergency measures tool kit' right and everyone says he 'saved' the biggest economy in the world. Probably only take him a couple of days to go and put right a small low income countries economy.
when you run a printing press economy in a banana republic no one gives you any prizes. (which is why ben got the hell out)
Seriously though, Lagarde's done a great job...plucking her facial hair.
Looks like she's been rode hard and put away wet, kinda like the worldwide fiat fiasco led by Uncle Scam....
I notice she mentions "profits" but I wonder why they would care to even mention that? If they really cared about profit, why the constant manipulation of the price downward? Could it be because they sold it all years ago?
They sold it cheaper than this. My guess is they sold paper or borrowed gold, took massive losses over 3 years, and finally took their losses and rebought here. They never had any real gold of their own. Obama had to approve their sale. Maybe he called them up and said give it back. I woudl credit him for that. And, I remember her giving a speech saying the proceeds had already been transfered to needy nations several months back.
I don't believe a word these tools say about anything. There is always an onion of lies and ponzi. As far as we know this whole paper smackdown was designed to get that physical gold Obama gave them back to the US treasury.
What?
Use gold profits (meaning fiat) to fund low income countries? WTF does that mean? The IMF is a stabilization fund. Like you have a banking crisis, they step in. The gold is used for balance of payments. There's no "profit" per se. The member countries have their own central banks. They could just print money up and give it to the IMF.
Did they just rebalance their gold holdings (meaning sell gold) and they're going to independently ramp up world bank lending to the 3rd World? To "fund them".
They're doubling down on an international slush fund to prop up regimes to "invest" in major capital projects developed by connected international corporate interests. Why did they say they were using gold profits to do this?
They aren't selling their gold, nobody sells their own gold do they? To me it sounds like there taking gold off the hands of 'low-income' countries and giving them some fiat in return.
Wtf it means is, if you aren't above the law you're a slave.
This is good for Swiss bank accounts...the Poor countries Rulers will be depositing said funds into their personal accounts soon...its just a small % mind you...yeah right
Crap, you had me all excited when I thought they were going to be selling some real gold now.
What is Bradley Manning doing on the cover of a ZH article??
When they choosed the French women to lead IMF, we should have know that they signed off the world organization.
Janet Largarde
So is Israel considered a "low income" country? Or maybe the rebels in Syria are?
interesting to note that this preying harpy does distinguish between the actual economy of "our nations" and their "finances". far from being the altruistic benefactor of its unfortunate debt slaves in the third and fourth worlds and its new colonies in the Eurozone and and the North American Union, the IMF'ers are, along with its coadjutors and parallel economic hegemons in the Federal Reserve and Goldman Sachs, the plenipotentiary adminstrators of growing debt enslavement, asset and resource confiscation, and expropriators of national public utilities throughout their economic protectorates across the globe. and far from dispensing the suggested economic stability which is the prerequisite for prosperity and social harmony, these predators are engaged in the systematic and institutionally entrenched evisceration of national economies immeasurably enriching private interests through that peculiar formula of economic blackmail known as socialization of losses and privitization of profits. be assured that wahtever "benefit" that accrues to the "finances" of "their nations in the short term is in the process of being extorted in many multiples of debt through its supposed benefaction from the societies, nations, and peoples of the IMF's hypocritical and disingenous largesse.
.
This gold sale was supposedly the one to India , Bangladesh, Mauritius and Sri Lanka...in 2009 and 2010.
This was always a very fishy set of gold sales...and had something to do with the IMFs gold held by the Reserve Bank of India (RBI) at Nagpur , and the RBI's gold deposits with the Bank of England and the BIS
Browns Bottom is now
Lagard's Arse
as tony yo blair and gordon i like young boys said...
thses sales are a super deal for team gb with the vast profits we can buy solid stable euro paper monies.
then stick those euros in the machine rinse repeat until nothing remains but paperless air.
The $64 question is who did they sell the gold to in the first place?
Sell your gold to us muppet countries while the price is low (we need to bail out some bullion banks that are in deep shit).
They could skin Lagarde and sell her pelt. Some moron might buy it thinking it gold.
Is there an ETF that tracks the Swiss bank accounts of corrupt 3rd world dictators? If so, it's time to go long with as much leverage as possible.
Great for americans, largest DEBTOR nation in the whole world should qualify for UN welfare.
Please William7?... Say you will do something with this face!
gold A
selling other folks gold
well well well
this leather faced madame jewish type has rothschild spoken
but what ever happened to the gold bars of libya and iraq
can anyone help?
I heard Saddam and Mohmar took it with them. Nothing to see here, move along.
really guys, a mason jar full of viagra shouldn't get ya randy for that IMF monster