This page has been archived and commenting is disabled.
Austria Confirms Faith In Fiat Fading: Repatriates 110 Tons Of Gold From BOE
Six months ago we warned that Austria was considering it, and now, as Kronen-Zeitung reports, with no rigged Swiss-like referendum required, Austrian Central Bank Governor, and the person many claim is in Mario Draghi's inner circle of trust (soon to be revised) Edwald Nowotny has committed to repatriating 110 tonnes of gold. This is part of Nowotny's new "gold strategy" and with his position (on paper) as one of Draghi's foremost lieutenants, appears to be a big stab in the back for super money printing Mario.
While gold withdrawals from the NY Fed have been incessant over the past year...
... this time it appears the Bank of England faces the trust-fall as 80% of Vienna's gold is held there.
- CENTRAL BANK TO BRING MOST GOLD RESERVES BACK TO AUSTRIA: KRONE
- KRONEN-ZEITUNG REPORTS ON AUSTRIAN CENTRAL BANK'S GOLD PLANS
- AUSTRIA TO TRANSPORT 110 TONNES GOLD BACK TO AUSTRIA: KRONE
Austrian central bank plans to keep 50% of its gold reserves in Austria vs 17% now, Kronen-Zeitung reports, citing governor Ewald Nowotny’s unpublished new “gold strategy.” Bloomberg adds,
- 30% of gold reserves to be kept in U.K., down from 80% now
- 20% to be kept in Switzerland vs ~3% now
- Intention is “risk diversification:” Krone
Overall, Austria has 280 tonnes of gold reserves, according to central bank’s 2013 annual report.
For the population that is good news, because polls show that this corresponds to the wishes of the majority.
Since 2007, no gold has been sold, and also according to the Central Bank's new strategy, this "emergency reserve" will not be touched.
Following the repatriation, Austria will have at least half of its gold located on its own territory, with gold held at Threadneedle Street tumbling from 80% of total to just 30%, with the remaining 20% will be held in Switzerland. According to Krone, the 110 repatriated tons will be "transferred back" in small tranches over the coming months.
So to summarize: so far the following recent gold repatriations have taken place:
As for what this ever more aggressive scramble by official monetary authorities to repatirate their gold means, we hardly need to comment what that means for the future of "non-6000 year old, non-traditional" fiat currencies.
So why is Austria engaging in a move that will be seen as merely the latest slap in the face of a crumbling fiat regime? "Risk diversification" accordig to Krone, which also adds that "that is good news for the Austrian population, because polls show that this corresponds to the wishes of the majority." After all, Krone adds, "the German Bundesbank - in late 2013 - decided to bring half of its gold reserves to Frankfurt, the rest remains in New York and in London."
But what "risk" is there to diversify? After all there is a saying: "As safe as the Bank of England." Well, as a reminder - this is what happens when you hand your gold over to The Bank of England for "safekeeping"...
“The Bank for International Settlements is the bank which sanctions the most notorious outrage of this generation— the rape of Czechoslovakia.”
— George Strauss, Labor MP, speaking in the House of Commons, May 1939
“the Bank for International Settlements should be liquidated before it
furnished any more sinews of war to Germany, and that the odd
relationship between the British government and the Bank of England
should be re-examined without delay.”
— “Sees British Hands Tied on Czech Gold,” New York Times, June 6, 1939
When Nazi Germany annexed the Czechoslovak border province of the Sudetenland in September 1938, it immediately absorbed a good part of the country’s banking system as well as most of Czechoslovakia’s strategic defenses. By then the country’s national bank had prudently transferred most of its gold abroad to two accounts at the Bank of England: one in the name of the BIS, and one in the name of the National Bank of Czechoslovakia itself. (Countries had deposited some of their gold reserves in a sub-account at the BIS account in London to ease gold sales and purchases.) Of the 94,772 kilograms of gold, only 6,337 kilograms remained in Prague. The security of the national gold was more than a monetary issue. The Czechoslovak reserves, like those of Republican Spain, were an expression of nationhood. Carved out of the remains of the Austro-Hungarian Empire in 1918, the Czechoslovak Republic was a new and fragile nation. A good part of the gold had been donated by the public in the country’s early years. Josef Malik, the governor of the national bank, and his fellow Czechs believed that, even as the Nazis’ dismembered their homeland, if the national gold was safe, then something of the country’s independence would endure.
They were wrong. The Czechoslovaks’ faith in the probity of the BIS and the Bank of England was tragically misplaced. The gold was sacrificed, with barely a second thought, to the needs of transnational finance and the Third Reich.
The Nazis’ first demand came in February 1939 when Berlin ordered Prague to transfer just over 14.5 metric tons of gold, supposedly to back the German currency now circulating in the Sudetenland. This was certainly an innovative idea— first invade a neighboring country, annex part of it, and then demand that the newly truncated state supply the gold to pay for the loss of its territory.
The following month the question became academic. On March 15 the Wehrmacht marched into Prague. The German protectorate of Bohemia and Moravia was declared, and Czechoslovakia no longer existed. But the gold reserves did. Three days later a Reichsbank official was dispatched to the National Bank of Czechoslovakia and ordered the directors, under the threat of death, to issue two orders. Thanks to diligent detective work by Piet Clements, the BIS archivist, we have a clear picture of what happened next. The first order instructed the BIS to transfer the 23.1 metric tons of Czechoslovak gold held at the BIS account at the Bank of England to the Reichsbank BIS account, also held at the Bank of England. The second order instructed the Bank of England to transfer almost 27 metric tons of gold held in the National Bank of Czechoslovakia’s own account to the BIS’s gold account at the Bank of England.
Malik and his fellow directors hoped that it would be obvious that the instructions had been issued under duress and so would not be implemented. The Nazis had just invaded Czechoslovakia and would obviously target the national gold reserves. But Malik had not reckoned on Montagu Norman. The governor of the Bank of England had no interest in whether Czechoslovakia was free or a Nazi colony. “Political” considerations must not affect the BIS’s transactions. The transfer order, he said, must go through.
Meanwhile, in Basel, Johan Beyen, the Dutch president of the BIS, wavered. Beyen discussed the matter with the BIS’s legal adviser, Felix Weiser. But like Norman, Weiser took the most formalistic approach possible. As long as the paperwork was in order, the monies must go through. Weiser argued, somewhat bizarrely, that there could be no legal grounds to claim that the transfer order had been issued under duress, as such a plea could be brought before a Swiss court only by the persons who had acted under duress. Clearly, the directors of the National Bank of Czechoslovakia were unlikely to travel to Switzerland to present their case. Therefore any decision not to authorize the transfer would be one of BIS policy, rather than administration. The board of the BIS made policy. Thus Beyen would have to consult the board to stop the payment. (This was poor advice for another reason— under the terms of the BIS statutes the Swiss authorities anyway had no jurisdiction over gold transfers between states.)
Beyen was unwilling to take a decision without authorization. But who could he ask? The chairman of the BIS board, Sir Otto Niemeyer, of the Bank of England, was traveling to Egypt and so was incommunicado. At 6 p.m. on March 20, Roger Auboin, the bank’s general manager, told Beyen that the governor of the Bank of France had discussed the matter with London. The Bank of England and the Bank of France would not be taking any action to stop the transfer, because they felt that there were no grounds for action. The BIS transfer order went through.
With London, Paris, and Basel’s compliance, Nazi Germany had just looted 23.1 metric tons of gold without a shot being fired. More than two-thirds of that gold was traded with the Dutch and Belgian national banks and was eventually transported from Amsterdam and Brussels to the Reichsbank’s vaults in Berlin. Czechoslovakia’s diligent planning to safeguard its national gold reserves, together with its misplaced faith in the integrity of the new international financial system, had come to nothing. The second transfer order for the 27 metric tons held in the National Bank of Czechoslovakia’s own account at the Bank of England did not go through. Sir John Simon, the chancellor of the Exchequer, had instructed banks to block all Czechoslovak assets. But Czechoslovak gold held in a BIS account at the Bank of England, it seemed, was not defined as a national asset and was beyond the reach of UK laws.
Norman and Beyen’s decision caused despair and incomprehension in Prague and uproar in London. The loss of the Czechoslovak gold was all “Norman’s fault,” exclaimed the Daily Herald. Paul Einzig, of the Financial News, ran a stream of stories exposing the complicity of both the treasury and the Bank of England in the affair. Einzig demanded to know why the treasury had not stopped the transfer, as it was in clear violation of the law known as the Czechoslovakia Act. Brendan Bracken, a journalist and ally of Winston Churchill, declared in the House of Commons that “the Bank of England after what has happened may no longer be looked on as the safest place in the world and the phrase ‘Safe as the Bank of England’ may no longer apply.” Churchill himself demanded to know how the government could urge people to enlist in the military when it was “so butter-fingered that six million pounds of gold can be transferred to the Nazi government.”
The real villain of the affair was Norman. Beyen, who later served as Dutch foreign minister and as executive director of the International Monetary Fund, was an ineffectual bureaucrat, paralyzed by the idea that he might have to take responsibility for a decision. Norman could have stopped the transfer immediately. He was the governor of the Bank of England, which held the two BIS accounts involved. At the very least he could have asked for the transfer to be referred to the BIS board for a decision, which would also have been a face-saving measure. He chose not to do so. It was clear that war was coming, one that Britain would have to fight. The Nazi invasion of Czechoslovakia had destroyed the last hopes of peace. That country’s gold reserves, held in London, were now a British national security issue.
Yet Norman’s priority was not the best interests of his homeland, but rather the independence of his beloved BIS. Even as the shells were loaded into the German tanks, Norman still believed that for the bankers it could be business as usual. Nothing could interfere with the bankers’ sacred neutrality and gentlemanly trust in one other, not even the coming conflagration with a regime whose evil was now plain to see. The Bank of France had refused to stop the transfer but had also asked Norman to block it. Norman was adamant. There could be no political interference in the operations of the BIS, even, it seemed, when they were ordered at gunpoint.
Norman did not express any regret at all over the Czech gold transfer. In fact, he was positively indignant at the very idea that the British government might have some say in the bank’s actions. He wrote, “I can’t imagine any step more improper than to bring government into the current banking affairs of the BIS. I guess it would mean ruin. I imagine the Germans would never have paid any interest to the BIS, and at the board we would have then likely have found the Germans, Italians, and Japs standing together!” Norman then lied to Sir John Simon, the chancellor of the Exchequer, albeit with a very telling falsehood. Simon asked Norman if he could not have warned the government that, thanks to the BIS, Germany was about to acquire “large additional financial strength.” Norman told Simon that while the Bank of England held gold for the BIS, it did not know if the gold was actually owned by the BIS or was held by the BIS for other central banks. This was untrue, as Norman later admitted. Norman then made a significant, even shocking, admission. He told Simon that “he was very doubtful that he would have thought it his duty, as Director of the BIS, to make a statement about its transactions to the British government.”
Norman even wrote to Beyen to clarify the matter and to assure the BIS president where his ultimate loyalties lay in Basel. Norman did not want to publicly correct the minutiae of what was being reported in the press and Hansard, the British parliamentary journal— that the Bank of England did not know whose gold was held in the BIS accounts— as that would expose him. “The difficulty is that if I point out to the Treasury that this is incorrect, I lay myself open to being asked details of BIS transactions, which I do not consider the Treasury are entitled to know.” This was little short of treason. As Norman’s compatriots were enlisting in the military, preparing to risk their lives for the freedoms and luxury that he enjoyed, as his country prepared for the war against the Nazis that all knew was coming, Norman blithely announced that his primary loyalty was not to Britain, but to a hyper-privileged, international bank that was not even a decade old.
The mistake of Malik, the director of the National Bank of Czechoslovakia, was to believe that either Norman, Beyen, or indeed any of the BIS management could conceive of any moral or political dimension to their decisions. The world’s most powerful international bankers were not only unwilling to obstruct the Nazi seizure of Czechoslovak— or Austrian— assets. They simply could not conceive of any reason why they should do so. As long as the formalities were observed, the necessary papers were stamped and the gold was re-assigned. Norman’s precious independence for both the Bank of England and the BIS had been bought at a high price— in mountains of gold ingots to pay for steel to build bombs that would soon rain down on London.
* * * * *
... the affair had highlighted the deeply unsettling connections between the Bank of England, the British government, and the BIS. There was a good deal of cross-party feeling in Britain, reported the New York Times, that “the Bank for International Settlements should be liquidated before it furnished any more sinews of war to Germany, and that the odd relationship between the British government and the Bank of England should be re-examined without delay.” The New York Times then was able to assume that its readers would understand a classical allusion. The word “sinews” was a reference to an epithet of Cicero, the Roman philosopher, who had said, “The sinews of war are infinite money.” Cicero’s observation was as prescient then as during the late 1930s. But those who wanted the BIS to be liquidated were too late. Thanks to the BIS the “sinews of war” and the flow of near-infinite money were about to be immeasurably strengthened.
- 33760 reads
- Printer-friendly version
- Send to friend
- advertisements -



+
Trust but grab back that stack!
Quick!
Who's got 110 tons?
We'll invade them and .....
Barbarians and their relics, they never learn.
AND The Drone Of The NYC Keynesian Daily Sale (Or Shorting) Of PAPER-GOLD Continues, Unrelentingly...
If Austria want to diversify risk then they would be well advised to ship the whole fucking lot home...but then again, Vicky Nudelman and John McInsane are likely to pay a visit soon after.
this decision was not made in a vacuum
For central banks gold is certainly a good thing to hold leading up to the next monetary shift. I still believe it is more useful to compare precious metals to bonds than money since it is more likely gold and silver will replace a portion of the bond market as the preferred ‘safe’ asset rather than as the medium of exchange.
This is OT but you asked me about what I thought about bitcoin , I did respons but was not sure if you saw my post , here it is again.
As a software electronics engineer and industrial robotics technician I see this technology as being nothing short of absolutely revolutionary. I beleive bitcoin's blockchain (the globally distributed de-centralised consensus ledger) technology will totally change the world of fiat money and finance within 1 - 2 decades. It will absorb the entire FOREX market , the stock markets , the bond markets , the commodites markets and property / asset and land registration. It will create a singularity for all global financial transactions. And that is just for starters. Whoever created this system was a genius operating on multiple levels with multiple cutting-edge technological and financial disciplines.
Crazytech,
Thanks for your insight, I hope you're right. I don't think the believers and non believers should be nearly as advirsarial as is normally the case, and very evident on zerohedge. If you are right in that bitcoin "will totally change the world of fiat money and finance within 1 - 2 decades. It will absorb the entire FOREX market , the stock markets , the bond markets , the commodites markets and property / asset and land registration." would it not be sufficient to put a small speculative investment into bitcoin such as .1-1% of a portfolio? If you are right, and it takes over commerce, even such a small investment would be more that sufficient to make the holder very rich.
I have my doubts about bitcoin but could be wrong. I would be happy to post your rubuttal to my piece outlining my concerns about bitcoin on my site if you were interested.
Thanks again.
Why do Central Banks hoard as much gold as they can get?
Why is the gold in a Central Bank one of the first things to be taken by a conquering Army (or the IMF)?
Food & Water are the new gold, bank on that peeps....
But where will the BOE find that much gold?
Feel free to use it. I have been studying this technology since 2012. When I first looked at the source code and realised what this was I actually lost sleep for a couple of nights. What has been invented here is the best possible version of money the world has ever seen. It's almost as if the internet was invented as a precurser so this system could exist. It will be the largest transformation of finance ever seen since the collapse of the Roman Empire.
Separarion of money and State is the key challenge of this generation. The Bitcoin protocol is a necessary stepping stone towards that objective.
"Give me control over a nation's money and I care not who makes it laws".
That's right, give the people control over their nation's money and they won't need to care about the sociopathic freaks who write the laws.
We'll all be John Galt.
"Give me control over a nation's money and I care not who makes it laws".
Absolutely - 100%.
Anybody who does not understand this statement should think again what it actualy means.
You are correct crazytechnician!
(fonestar is with you ;0 )
Austria has several ticking debt time bombs (Corinthia, Alpe, Hypo etc)
When they're up to their eyeballs and they've potentially got the IMF or ECB breathing down their necks, it would be too late to repatriate anything.
Historically Austria and Germany are very close. Maybe this is part of a larger strategy.
Interesting that 40%+ of Greek debt is held by Spain and Italy. If Greece defaults it would drag both I and ES down with them. Making way for the Club Med Pesirachme. (Peso, Lira, Drachme).
Translation ~ The 'TUNNEL' between the Bank of Austria vaults & Rothschilds Blvd in Tel Aviv is finally complete.
Being Pro-Barbarian it sounds like a great idea...If you don't hold it, you don't own it.....
"Best to be prepared now, then sorry later."
~ Old Chineee Proverb
I suggest that 'then' should be spelled 'than'.
One little letter makes all the difference.
Damn Edna
Do they have an updated proverb for foreign countries piddling around with surveillance planes, making idle threats to send warships to the area in order to maintain 'safety' from an imaginary enemy...?
Confucius say:
Fuck off Yankee.
Man that go through turnstile sideways going to Bangcock.
knukles, Greece does have 112.5 , close enough.
dup
Is this what Austrian economics looks like?
Only if someone actually ships the gold, which is about as likely as pigs flying.
Austrian tradition.
Too little too late...the PTB got it all figured out and are winning
You can't get blood from a rock, and you can't get your gold from the BOE.
They've had an impressive track record of unsending gold back, the only other one that's more diligent in their unsending of gold would be the USA, followed by the third in Vatican City. Because, that's what the Vatican is...it's a huge fucking bank.
The US has how much gold?
Let's see it.
It's right there on that official (somewhat) looking table. It's all accounted for.......no really, it is!
knowledge bitches.....
"In the Cabinet meeting I said that, even if our balance of payments program was successful, we could look forward to the loss of $300 to $350 million more gold in the second quarter.4 $175 to $200 million of this can be expected in April. This is largely due to a one-time $80 million purchase by Italy. When the Italians were in trouble last year they were forced to sell $200 million of their gold. Beginning last summer they have been doing very well in their balance of payments and have built back their dollar holdings. They now feel it necessary to reconstitute their gold holdings to the total owned prior to last spring's sale. The Bank of Italy has apparently been able to find in their own commercial banking system all but $80 million of the amount needed to reconstitute their holdings.
The annual report of the Bank of Italy will be published in May and they wish to show their gold holdings up at that time. They intend to explain in this report that they have simply reconstituted their stock and will expressly disassociate themselves from French policy and express their faith and confidence in the dollar. Italy now holds about $1.7 billion of their reserves in dollars. Their gold ratio is about 55 percent, the lowest of any of the major European powers. The Italians have been very cooperative and cannot be criticized in any way for their forthcoming gold purchase.
I have warned my colleagues here in the Treasury of the possibility that the French may well decide that their current working balances of $400 to $450 million are larger than they need and may therefore decide to purchase another $150 million in gold at any time."
Document 56
Ask the Chinese, Russians and the ZH faithful...they will all show you the US's gold.
I suspect some of the smaller bars and the coins may be laying at the bottom of several lakes though. It's tough keeping those little dinghies upright.
I got a hunch that fateful day may not be far off. Escalation in someone else' sandbox could be the trigger.
what happened before is happening again...the U.S. and the dollar r dead...
PRESIDENT NIXON'S TRIP TO EUROPE
February-March 1969
FRANCE
International Monetary System
Warning:
Conversations on monetary reform with the French pose special dangers:
1. The basic French attitude towards the international monetary system is fundamentally different from ours. Their persistent underlying objective has been (a) a substantial increase in the price of gold, large amounts of which are in French hoards, and (b) the imposition of very stern discipline on the U.S. through severe limitations on the future of the dollar as a reserve currency. Recent hints to U.S. officials of French views on reform maintain these two elements.
2. Certain elements in the French regime especially eager to see a rise in the official price of gold will deliberately stir speculation to their advantage. Great care must be taken in any allusions to monetary “reform”, as the French will tend to associate “reform” with an increase in the official gold price. If at all possible, attempts may be made to imply your endorsement of such an approach in any Communique. Leaks to the French press designed to promote this objective following your talks are likely unless the U.S. team is alert with denials.
3. We believe there is some danger that the French might undertake at some time in the future, possibly this year, a large unilateral devaluation of the franc aimed at disruption of the monetary system and achieving a higher price of gold. They may hint at the desirability of some package deal with the United States to avoid such disruptive action on their part. Any such proposal should be approached very cautiously, even though some elements might be acceptable."
Document 116
I swear it was here last week old boy.
Fancy dinner at my Club ?
(through clenched teeth, deminimus lip movement, much wiggling of great handlebar)
I so enjoy White's old man. Say 6 ish? Jolly good!
This means very little until they actually have it back in Austria.
Otherwise it's just window dressing.
Austria is signaling an EU wide threat about the Britain's EU referendum...
Of course you can't trust them...they sold it all years ago.
So I'm watching CNBS this morning and they have former commerce secretary Carlos Gutrierrez on talking about U.S.S.A/ Cuba relations and guess where the conversation led. Go ahead guess....You know the answer, Yep, establishing a banking system in Cuba.
Better be quick, the Castros might get a better offer.
New Meat
The only country left to export inflation to.
Hasta la victoria siempre - Jamie Dimon
Yes, with ATMs which are refilled with toilet paper and green ink.
Things that make u go hmmmm...
anyway, the monkey hammer is here to stay.
There's a free subscription to Realvision TV in there if Grant or Raoul get a whiff of your comment ;)
If central bankers keep spewing their filth that gold is a barbaric relic with no use today -- then why even bother keeping any of your gold in New York or London or anyplace else -- except where you can touch it. Some of the other central banks may be realizing this.
peak fiat
Imagine that. People want to hold it. To know they own it.
They will rape Austria again, don't worry
I wonder if China is quietly leaking some suggestions to certain friendly central banks about what is to come....
There we go, either this or some central banking folks are simply not as stupid as you make them out to be.
Once the general public starts raiding banks it's probably a little late to start repatriating tons of gold. You can't just send it over the internet, so there's considerable logistic effort tied to moving a hundred tons of highly valuable metal bars.
We also know there's not enough gold for everyone who holds paper claims, so it's kinda first come first serve. Props to Austria.
So when the US loses its reserve status for the dollar it can no longer print unlimited funds and no longer wage war? Sounds like a plan.
Good luck with that. Sucker
Is Nowotny an Austrian name? Just askin' ya know.
What's a typical American name?
Smith, Jones
...oblivous?
Goldberg...but with lots less gold than originally thought.
But it's ok...then whole tribe has a second passport.
Nowotny slotted for a date with a nail gun.
Gaddafi paid with his life when he tried to introduce a gold-backed dinar much to the amusement of psychopath Hillary.
Saddam paid with his life for trying to sell Iraqi oil in Euros.
Austrians better be careful if they are repatriating their gold. Hillary will not approve nor will Yellen.
Oligarchs currently trying to think of any reason they can to attack Austria. Hmmm, what type of false flag can we blame on the Austrians? Ah, fuck it, let's just bomb them anyway....nobody's paying attention.
It's a good start, but beware of the Usurpers. "By deception..."
Any fool can calculate visible strength. It is the invisible strength -- Unity & Deception -- that is difficult to measure, especially when combined with the visible strengths in a varied, dynamic mannner.
It is not what they teach at Western military academies, because they are based on hierarchy and a rigid chain of command. Is this how ants, piranhas, a tornado or water destroy? Where is their Chain of Command, their Communication system, their Hierarchy?
Hang theTyrants and Usurpers: bankers, monarchs, religious fanatics and blood-thirsty generals! (I.e. lunatics, whose thirst for money and power knows no bounds, or who would perpetually enslave others.)
About the Stupidest thing I could ever possibly imagine is trying to put Austria, right in the Heart of Europe, in the same basket as Libya and Iraq! Only a Fool would say that!
Hillary and Yellen are going to Attack Austria? Ah, ha, ha, ha! You're too Funny!
Sarcasm is wasted on the mentally-challenged. Rather like offering pearls to swine. But, perhaps, I should apologize to swine.
Only the mentally-challenged would see that as "sarcasm". You lack the wit sarcasm requires... Oh pardon me, I see you have nearly a dozen mentally-challenged "followers'... More fitting than pearls would be offering them jellybeans...
Wow, you really have a lot to show for four years of daily snarky comments. Feel like Jesus?
I noticed some post got deleted on this thread
Seems to be happening more and more lately. No warning, no explanation, puff it's gone never to be heard of from again. Zerohedge has gone gestapo.
Wasn't even that bad, just the truth .1cvl woar eu17 Other uscvl woar16
Talk about the Romans...they first crucified the Christians then they made them their religious icons.
After that, the Christian Emperors as Imperially sanctified crucified the pagans as heathens. They chased the neo-Platonic philosophical icons of the school of Athens to Syria (Carrhes or Harran) in 532.
Just goes to show politics and religion can make a victim into his own predatory opposite.
So never fear, the fiat God of Friedmanian concoction of floating rate hegemony could become his very opposite the Keynesian concoction of BW gold exchange re-instated for a BASKET of currencies, like the Bancor dream!
And then... Keynes will have crucified Friedman's "our money your problem" hegemony!
Now wouldn't that be a scream extracted from the crucified false nosed Libertarians-- Friedmanian mantra lovers-- who bemoan the world about Keynesian FIAT propensity !
i made 5000.00 sitting on my ass in front of the computer all day and you can too.
You want me to sit on your ass all day?
What?? You can't even eat gold! But you CAN wipe your ass with fiat, which is nice.
When the bankers have gold, and governments and people have none, bankers rule.
When governments have gold and people have none, governments rule.
When people have gold, the people rule.
This is why you need hard currency, not notes, not plastic.
Then you can put whatever portion you desire of your gold into a 'checking account' for easy spending via paper or plastic.
Otherwise you will have no option, you will have inflating paper or increasingly inflating plastic, while bankers and bureaucrats live richly on what they take from you.
Traders in Germany can deposit phys and leverage it to trade stocks on margin. Not sure if this is being offered here. When the banks crash the markets, they get to keep the gold. Simple strategy, really. It's all about the gold.
All of it is simple...and simply nefarious.
That, essentially, is how the BOE bankrupted Wall Street in 1907. This allowed the creation of the Fed to allow the financial shenanigans to continue to be run by the same people, simply acting through a different front office. Add in some war...and all those financial liabilities simply disappear! It is signal that the BOE suspended convertibility shortly after the Fed was organized using WWI as pretext less than a month after Arch Duke Ferdinand's assassination.
The financial capital of the world, the reserve currency of the world, bankrupted from war spending after 29 DAYS???? (Assassination: 28 June 1914, Specie suspension: 27 July 1914)
No. They were already bankrupt.
This is happening again under everyone's noses.
Central Banks taking back their gold is a sign. Let's see who else brings back or buys more gold.
Just the rumblings from Hypo Alpe Adria, the Carinthia region and the downgrade of Austria's debt
http://www.telegraph.co.uk/finance/economics/11447805/Eurozone-faces-fir...
Barbaric!
Strange boat/ship "disappearance" coming soon
Vienna triangle.
Anything can be Looted, but you can lose it all in a massive war too as some in the Ukraine believe. Switzerland seemed to come out of WWII as the Bankers Banker with all the Nazi Loot and with their own profits from dealing with the Nazis.
You would think that Switzerland had it's own Rothschild. Wait I think they did...
- Persistence of Large Organizations and Large Budgets is always Ripe for both Plunder and "Capture" by Evil Actors
- To Bad we don't have Honest Brokers in DOJ, FBI, SEC, FINRA, FTC, GAO, CBO, FED, Treasury, OCC, FSOC, BCFP, CFTC, FDIC, FHFA, SIPC
- To Bad they never properly Enforced Anti-Trust Legislation in the USA, which has got to be some kind of Violation of the Law by the Directors of these afore mentioned Agencies
** What is next? **
- Still have big Funds for Plunder in MEDICARE & Social Security
- Obama, US DoD, Merkle say Climate Change is the Biggest Threat, So I'd guess that a Carbon Exchange Bank System with be a new Source of Wealth Extraction
- Goldman Sachs mentioned threat to Farmers, I think a collapse and panic by US Farms would create Giant Industry for Wall Street TBTJ Banks with US Government Guarantees
So when they move physical Gold by the ton, how do they transfer the paper claims that ride along.. is their an amend location form you file with the SEC ?
Yep its called an IO-FUCK-U.
If the BOE can't "find" it, give Bejing a call. I'm sure they'll be able to help locate it.
Austria Eh!
Well then! ... let's put another shrimp on the Bar-B!!
(Courtesy Dumb and Dumber https://www.youtube.com/watch?v=VRIUbFLjtX0
i heard on the bbc that isis are in austro hungry already.
that a civil war will soon rage.
the guardian,times and telegraph say glorious vienna will soon be trashed by beards much like syria.
the bank of engerlund say considering the coming austro mi6 terror maybe the empire of the city of london should look after the gold.
the queens assurance and word of full sas gold storage security and support.
u.s....lol
I thought we were all going ones and zeros? I guess they need something to pay they mercs with. At some point the mercs will turn in to treasure of the sierra madres wackos trying to find new spots to hide their gold from each other. Maybe they'll all go loose cannon on there masters and just take it all...lol Then every 7% brain user can have new masters.
I bet Chinese have at least 10 times what they say they have.
Koos may be able to help on that one.
https://www.bullionstar.com/blogs/koos-jansen/pboc-gold-purchases-separa...
And on this example too you can clearly see why the world so much hates AngloMuricans together with their overloards the Jews. First they take gold of "sovereign" countries (says a lot about their actual sovereignty, doesn't it?; the more apt term would be conquered or infested countries ffs) for "safekeeping" and then they set rules and regulations (which are by their very nature designed to discourage further requests of repatriations) on how foreign gold and silver can be returned to their actual owners. They dictate and control those foreign assets like it belongs to them.
And that again clearly shows you how they see the world: like something they are the owners of. And some of their advocates even promote ideas about their supposed divinity: about how they are some sort of gods which are destined to rule the world, and no one should oppose their will or question their wisdom because they are gods you see, and gods are there to obey them. ehehe
p.s.
And perhaps some Jew(s) could tell us how their Talmud/Torah teachings trains them in that discipline of seeing property or assets that belong to others as their own, hm? Jews have ever been such... progressive thieves.
“The sinews of war are infinite money.” That's the sign that should hang over the front door to the Eccles Building.
NO major regime will adopt any currency based in part or whole on gold because that would constitute a voluntary limit on their power because they would be surrendering their freedom to spend unlimited money on buying votes and other programs to retain regime power. Will NEVER happen.
The regimes have MANY MANY MANY more tricks that they can play with fiat currencies and debt to cling to their power, including just erasing part of exisiting debt and starting the debt binge all over over from a lower level.
Regimes are overthrown by bullets, not by a tiny minority of fantasy dreamers exchanging their fiat for precious metals.
Putin with his asset backed currency and 15% corporate income tax is looking good, the West could end up broke, in debt and with a plurality of young Socialist Muslims.
Prediction France nuclear disarmed, they're gonna have to give up their nukes for food loans, the UK is just going to get more weird and perverted and Germany will become a non-state corporation.
Damn, I'm number 37 and just off that list!
/obvious sarc
Excellent fucking article, Tylers.
I am committed to repatriating 110 tons of gold too!
Ya we fund ISIS with oil sales
Libya 116 tonnes of gold LOL not anymore!
"the affair had highlighted the deeply unsettling connections between the Bank of England, the British government, and the BIS."
Fascinating article. It seems the Monarchs of the UK, those incestuous, murderous, calculating, satanic, bastards may be highlighted once again as the primary malignancy upon the Earth. Who else could it be?
Pay attention folks because when they start taking their Gold out of a traditionally very stable and honest country with a strong legal system like the UK for 'risk diversification' you know something is up.
Don't play the financial markets game and hold paper Gold (it's easy to buy and sell Gold with your mouse, the bid-offer is really tight, you can easily borrow against it to buy stocks etc). You have to own the physical.
Gold and gold receivables.
Confusion rebuttals:
“So never fear, the fiat God of Friedmanian concoction of floating rate hegemony could become his very opposite the Keynesian concoction of BW gold exchange re-instated for a BASKET of currencies, like the Bancor dream! From Falak Pema:
Bancor’s are an accounting device that relate exactly to goods exchange. If one country exports more goods (and services) then they acquire Bancors. The opposite happens if a country imports too many goods - they lose their bancors. Bancors force balanced trade of goods and services. Bancors cannot circulate in a national economy as money. Bancors are not money, they are a trading unit related only to goods and services. They are not general purchasing power. Bancors mark goods and services, and even better the unit can be made to relate to historical values, like a cow or so many tons of coal, etc. Therefore, it cannot be jacked with and it can become a point of reference relating to goods and services....those things labor produces.
Lets see…what other confusions amongst the ZH community. Oh Yea, Bitcoin
Bitcoins are floating money that don’t relate to goods and services. Therefore the makers of wares and services can be robbed of their labor value by a money type that isn’t controlled in volume. In other words, bitcoins can go off and hide, or not be spent, and therefore they are not a good money type for transaction. I’m all for an alternate currency though, as an escape valve when SHTF scenarios. Gold showed itself over history to be highly deflationary. Sorry, don’t shoot the messenger. I like the encryption of Bitcoin, but it was modeled after gold, hence the mining, scarcity, and it being “international.”
Below is a fact that cannot be denied, and people routinely deny it for some reason:
All national currencies find their root power in the laws and productivity of a nation – not the international.
Here’s a supporting quote from Hjalmar Schact, Reichsbank Chairman. He was a gold man through and through, yet he had to abandon his thinking in order to employ 6M idle citizens. Of all the “economists” in history, he had the greatest learning curve.
http://www.autentopia.se/blogg/wp-content/uploads/2013/09/schacht_the_magic_of_money.pdf
“Naturally in the normal course of international trade and commerce currencies are .carried hither and thither, but in the last resort they can be used only in the country in which they originated. No one will purchase a foreign currency unless he is obliged to pay debts in a foreign country, or wishes to buy its products. Once again we see currency to be the most nationalistic of all economic factors.”
Pg 93
Fiat Credit, as issued from private banks is not a National actor, it is subordinate to Central Banks. Central Banks in turn are agents for the credit issuing private banking system. A private banking system is INTERNATIONAL CREDIT, and does not issue this credit money type in accordance with the needs of citizens. International credit is an invention of people who don’t give a damn about a country and its citizens- -- guess which tribe that is?
Sovereign money meets the test of good money, it channels into productivity and the system has proper money types available in relation to goods and services. It does not circulate internationally; therefore its volume can be controlled by law. Markets and pricing then will start to work properly without booms and busts of money volume whipsawing prices. Transaction costs go way down, as money supply has a large permanent component. Labor becomes employed because there is money available as demand and also as savings.
Thanks, Contrasting our International Credit System (Private Banking Money) with Sovereign Money... we see wealth extracted from the USA in many forms, but perhaps I can't prove the extent of money created at our Private Banks and can't prove the amount of money which leaves our shores or is stored on-shore by Foreign investors.
Systemically it might be your point that Private banking money (credit) is a bigger risk than our leaking money moving off shore.
Would Sovereign Money require an end of Imbalanced Trade and Free Trade conditions that we see today??
When gold has been in backwardation since July 2013, the only real question is why all the countries aren't repatriating their monetary gold reserves. The answer to this question is that Ministers of Finance know the world's monetary gold reserves are all held in a trust administered by the World Bank and IMF called the Global Debt Facility. These countries also know there is a 90-95% likelihood that these monetary gold reserves are going to be returned to the countries so that they can mint currency out of them to replace the fractional reserve fiat currencies, which are about to fail, all of them. https://s3.amazonaws.com/khudes/Alternative+to+WWIII.pdf What is holding up the global currency reset? The network of global corporate control http://arxiv.org/PS_cache/arxiv/pdf/1107/1107.5728v2.pdf
refuses to see the writing on the wall.
https://s3.amazonaws.com/khudes/Twitter4.15.15.pdf