This page has been archived and commenting is disabled.
Russian Central Bank To Offer Gold-Backed Loans (Or Why The Spam-Standard Is Coming To An End)
The spam standard is ending. In news that is likely about to throw the mouth-foaming Keynesians in for a perpetual loop, the Russian Central Bank has quietly announced the sneakiest gold confiscation ploy in history. Reuters reports: "Russia's central bank will offer gold-backed loans for up to 90 days at an interest rate of 7 percent, it said in a statement on Friday, expanding its lending facilities for dealing with any future liquidity crunch in the banking system." So let's get this straight: Russia, which has been dumping US bonds with unseen vigor, and which has been buying gold at a record pace, has just offered its citizen the once in a lifetime opportunity to trade in their hard assets for paper in an imploding fiat system, but with promises to make 7% worthless percent. Oh, and when the "liquidity crunch in the banking system" goes away and one hopes to reclaim title to their gold, one will just find that the title certificate was signed by one Linda Greenova, and said title is perpetually lost in Siberian limbo. And while one waits to reclaim said title from robosigning transgressor #1, Bank of USSR, those heavily armed gentlemen in camouflage attire who just broke into your apartment will not wait to reclaim what now rightfully belongs to mother Russia.
More:
The gold-backed lending was approved by the board of directors at a meeting on Friday. The rate on the facility is in line with the central bank's Lombard rate on borrowing secured against high-quality bonds.
"This measure fits the central bank's policy of developing refinancing instruments within the banking system. The facility will be unlikely in strong demand, only at times of liquidity crunches," said Maxim Oreshkin, chief economist at Credit Agricole in Moscow.
Levels of rouble liquidity remain at comfortable levels for now, with the overnight interbank rate having hovered within 3-4 percent range since early 2010 compared to more than 10 percent seen during the crisis of 2008-2009.
Next up: the LBMA uses Leonardo DiCaprio to incept the same idea in the brain of the Chairman, who then tells Bill Dudley to hand out a free iPad with a lifetime supply of semi-edible apps for anyone who pledges their gold to the Fed. First on a voluntary basis. Then, not.
»
- 24794 reads
- Printer-friendly version
- Send to friend
- advertisements -
This is what happens when you claim your gold from Russian bank:
http://www.youtube.com/watch?v=r9keKFKq3uE
Coming to a former republic near you.
truth, like gold, is to be obtained not by its growth, but by washing away from it all that is not gold.
- leo tolstoy
+1 Caerus
all that glitters?
Rusts?
http://www.youtube.com/watch?v=TCg_3d3A5ZA
Breaking news: Here are the first up close HD pictures of the rusty Russian gold St George coins. Mike Maloney speaks with Ivan Zhivneskiy, a precious metals dealer from Russia, about the huge controversy surrounding these investment coins. As you are aware, gold does not rust!
Russian Gold Rusts.. of course they will swap for it! LOL!!
Anyone have a link to the results of the coin that finally got tested?
+100! One of my intellectual heroes!
“Freethinkers are those who are willing to use their minds without prejudice and without fearing to understand things that clash with their own customs, privileges, or beliefs. This state of mind is not common, but it is essential for right thinking”
Wow! Boobs "and" brains!
++++++++++++++++
Shit, gotta resub to roubini's twitter feed - he's gonna pop a gourd...
..just take a look on Who's Who in Mother Russia:
http://rumafia.com/index.php
http://rumafiozi-eng.livejournal.com/
OMG! Those stupid Russians. Wasting valuable paper on gold...don't they ever learn?
Crappiest GDX components like GSS and NG up more than 6%, finally crawling out of the hole.
GSS is the crappiest ? We are really in trouble then.....
Sounds pretty good! Now I can maybe get enough money for to hold my eagle-farm in New Jersey alive!
How many Russians are gonna be stupid enough to go along with this?
Could easily be quite a few. Remember this (?): http://media.economist.com/sites/default/files/cf_images/20070630/2607BB...Three. They'll all be well spoken and photogenic, they'll all be interviewed on TV about how well it all worked out; they'll all be Shills.
Kournikova isn't doing much these days......
Geez, how many tens of millions of Russians allowed their leaders, along with the climate
(1921...) to starve them to death in the last century!?
I like spam. I'm having spam, spam, spam, eggs, spam and spam!
Back a loan with gold??? Why bother when it can be backed with nothing???
Exactly. Sounds like there's a problem in "lawless land." and that's the recreated USSR and not those attempting to create USSA.
This would be the signal to introduce your dick to the mashed potatoes.
I thought I asked you to turn off the Food Network while you're trying to read ZH?
"Shit, if this is gonna be that kind of party....
http://www.youtube.com/watch?v=Xbt30UnzRWw
So, essentially, the Rusian central bank is going into the pawn broker business. Given their proximity to Eruo trash...makes sense.
This Article complete waste and SPAM..
BS #1 "Russia, which has been dumping US bonds with unseen vigor"
Russia never believed in their own Banking system that's why
Russian Central Bank always keep major stake in US Treasuries
Did so in 2008 as well
COMPLETE BS #2 "which has been buying gold at a record pace"
Just think about it:
It like" Russia has been buying OIL and VODKA..??????
Russian Siberia loaded with GOLD, they don't need to buy
anything, they get it FOR FREE!!!
Dummies!!!
Unfortunately, we understood about 2% of that, but here are Russian bond holdings.
U suppose to say "here Russian bond holdings!" then shout "Shostakovich!" three times.
lol
holdings are like snow in summer
Tyler ok, such law was represents to Russian "DUMA"
http://svpressa.ru/economy/article/43529/
I'll Translate a bit:
From 18 may 2011. Russian Central Bank must stop buying
.gov fin papers (bonds/treasuries) from Countries having
a debt over 100%/GDP, And start selling such fin instruments /
debt (papers) within 3 month Countries which DEBT to GDP
represent 120% or more.. Russian proposition signing into
the law most of the times means nothing.. So I'm not sure,
if such action ever take place... At least in that particular
publication I cannot find any proof of that.
Have a great weekend.
Besides Russia GDP about the same as NY state GDP,
so you understand what kind of impact we
are talking about here
I had no idea NY State had that much GDP. Have no fear..."we par ruski" here. "Soon we will be small and all will be good."
Tyler,
"Linda Greenova" absolutely brilliant. I swear I have not laughed like that in years.
Many thanks for your efforts !!!!!!!!!!!!!!!!!
Even less as of June 2011 @ 109
however, Brits and Japanese are making it up
UK 94.5--> 349.5
Japan 800--> 911.0
The rest I get, but this:
seems a bit off -- shouldn't it be
In Russia.. Bonds buy YOU!
Well, I guess that shut him up ! Facts are so cool.
"Russian Siberia loaded with GOLD, they don't need to buy
anything, they get it FOR FREE!!!"
Lets see.. trying to locate and dig in hard as fuck permafrost, or buy it on open market at supressed prices and save the local stuff for later... choices, choices.
And it's not "free", it takes time and resources to locate and extract. That's the "intrinsic" value in it. Ink not required for assembly.
Thank you, I was about to respond with the same comment. Some people think you can just walk down the street and pickup a few ozs of gold if everyone was not so lazy.
Then after hard work they steal. Russian way. NOW DRINK VODKA BE HAPPY!
FREE GOLD!!
Well Butter My Biscuit and call Me Shirley!!
That's even cheaper than silver....I hear that costs $5/oz!!
zerohedge zerohedge
Spam $1820
6 minutes ago
<golfclap>
In Soviet Russia, gold hoards you!
Russia is laughing! Make that the hardest!
That's an old model. FDR used that one waaaaay back when?
Must be in a bubble Robo? Robo, Robo where are you?
I just had the image of HFT robots walking into the Russian Central Bank to arb this deal.
Linda Greenova?
Don't you mean Ivana Kutchurkokov?
Ivan U. Tufukov
How about "Ingrid Bendova"?
Tylerrrrrrrr Tylerrrrrrrrrr
Mmm, do I pick up some more silver or gold today. Tough call. What are you peeps buying?
Tequila. Lots and lots of Tequila.
One ounce gold Maples are my favorite(fairly low premium). Gold Eagles are overpriced garbage, IMO(although, I still own a few).
3 9's or better and just put them in air-tites to protect them.
On the flip-side, one ounce silver Eagles are my favorite. Silver Maples are next to impossible to keep from getting "spots" or losing their shine. Silver Eagles tend to stay looking new(when stored properly).
I love gold Maples. I carry a one ouncer around with me as a good luck charm. When people see it, they're like, "what's that"? Then their eyes bug out when they see the $50 on the front of the coin. And you are right, the +spot charges are much lower on Maples.
Still undecided, think I'm gonna order a 500 ounce box of silver eagles, then add to my bullionvault gold position.
OMG ! A sane person on the internet. I'm so glad to hear from a bullionvaulter. That's a totally excellent business. They do silver bullion too. www.bullionvault.com
That is funny. I see those spots on the silver Maples all the time. WTF?
Does it fucking matter to the guy who is trading you for food? or vice versa? spots schmots.. fuck that shit. Anyone who buys it at a premium instead of for a pragmatic reason is throwing FIAT away , IMO. I prefer to use fake ass FIAT to buy more REAL MONEY at a lower "cost".
Plus one. So tired of the people who Loove their hungarian flapamonias or whatever. It's a business decision, for christ's sake.
Agree with all that. Just saying, if you want to acquire for the lowest price, at least for gold, Canadian Maple one ouncers have low +spot charges. I don't know why, but the +spot charge on American Eagles are double. Yet the Canadian Mint for a long time produced superior product to the U.S. Mint, esp. when it comes to gold coins.
Short version: buying Maples will save you some money on fees if you wish to exchange fiat for some gold.
Please read my post above. At the moment APMEX is buying back one ounce gold eagles for $40 over spot bid and buying back one ounce gold maples for $18 over spot bid. I relate this with the caveat that the spreads are, pardon the expression, "transitory":
It would seem to make common sense to buy metals minted in your own country increasing the liklihood that the one you are trading with will recognize and accept what you are bargaining with.
WME: Yes, gold eagles are more expensive to buy but you get at lot more for them when you sell back. Typically, the spread for Gold Eagles is narrower than Gold Maples, Kruggerands and one ounce gold bars. Another advantage of gold eagle one ouncers is that they can be sold back in any quantity without your having to divulge your social security # and having a 1099-B sent to the terrorist at the IRS. That said I believe the gold maple leafs and silver maple leafs are prettier than their U. S. counterparts.
Gooooooooooooooooooooooold!
90% Ag dimes, each worth about $3 at these bargain prices. Great for small purchases.
Absolutely correct. I'm constatnly amazed that there are any left. But there are. A quarter buys a gallon of gas; or diesel, around here. and it will in the uncertain, but certainly fucked up, future too. Best surprise of all is that you can buy bags of 90% silver "junk" coins at very low premiums; sometimes a negative premium.
Agreed, I also like Cull Silver Dollars, although are not cheap at .7734 troy ounces each. Also Silver American Eagles and maybe some "wartime nickels" probably the cheapest silver bullion you can buy. 35% silver nickels minted 1942-1945.
You have to have enough silver to live on during hard times. It's hard to cash a gold eagle if it is worth $40k.
Central banks are buying gold, not silver. The big payoff is in gold.
Silver prices will go nuclear at some point, but not until the end. The market is smaller and easier to suppress.
Either one is a great investment.
I love both. It depends on the ratio in your horde. I hold 4 to 1 gold over silver, but counting and fondeling hundreds of gold coins is fun, and good therapy during the margin hikes.
I have no intention of accepting anything a central bank has to offer me in exchange for silver or gold. Why would you want to put the same idiots back into a power control situation? Whats wrong with you?
Smiddy as you know you can buy fractional gold although the price per ounce will be higher. Because gold will be outside the budget of most Americans I think silver will explode before the end and may outperform gold ultimately on a percentage basis?
Done buying. As far as I'm concerned the paper prices are pure entertainment now. I'm only concerned with keeping.
Sadly, I believe many in the US will lose everything they have so carefully hoarded, after a loud knock on the door, followed by the sound of a battering ram. Montana?
Don't be weak wristed and buy. Sadly, you should of bought two days ago like I did.
Hint, it contains no cotton or linen and shines reay purty!
In the 1980s capitalism triumphed over communism.
In the l990s it triumphed over democracy.
Today it has triumphed over reason.
Excellent Alien. Original?
V
it's a modified quote.
the original quote is by David Korten " In the 1980s capitalism triumphed over communism. In the l990s it triumphed over democracy. "
lol, Ronald Reagan must be turning in his grave. "I defeated the Axis of evil and this is all the credit I get!.. For my legacy, the deregulation of american capitalism, the trickle down economy."
we didn't have "capitalism" during the 80s. 1880s maybe but definitely not in 1980s.
Indeed, FDR confiscated and outlawed capitalism by royal decree. He set the stage for all that has transpired since that time. He was the biggest villain in American history and he went down in history as a hero.
FDR = CUNT
Alien, in my opinion this is no longer capitalism. It is "corporate fascism"! But either way the system is run by the deminati!
Gold, the phyzi Silv is whighing me down 4 0z coming up Wednesday
New gold backed world reserve currency issued by Russia, China, Iran, Germany?
Stranger bedfellows are to be found... Two big producers and two with lots of raw/finished commodities for export...
btw, I wouldn't put a lot of store by the 'official gold reserves' numbers releases by any soverign...
Gold reserves = oil reserves
They all lie.
Snidley, I love your comments. Keep up the good work.
Snidley... Exposing evil doers where ever they are found! ;)
I enjoy your comments as well WVI... Let's keep fighting the good fight!
Absolutely.
I don't think any one country will possess the new reserve currency, unless it remains the US.
The Fed and the ECB run everything. The Fed and the ECB are kicking the can and slowly buying gold. It's a fight to the death for future world supremacy with the Fed/ECB against everyone else who can see where this scam is going.
Germany will not break ranks, it's too late.
China and Russia are fighting it with all they have but all they can do is buy as much gold as possible and manuever for allies on their side of the battle.
"Germany will not break ranks, it's too late."
I agree with most of your comments SW but don't forget that the German people went through a horrendous hyper inflation in the late teens early twenties of last century...
German people are also more attuned to what their pols are doing and they didn't want to switch from DM to Euro currency to begin with.
Merkle has conducted a series of meetings with TPTB in Russia over the last several years and has said almost nothing in public about the meetings.
All circumstantial, but I say that when push comes to shove German Pols will throw the Euro under the bus before they are thrown from their offices, watch the German economy destroyed, and see the German people suffer another currency collapse/economic collapse. Time will tell...
Germans can't even spell "too late". Germans are TOUGH. When you think it's too late; the Germans will say, Fuck You, and Eat This and Die.
But by then it's too late.
Snidley, where is your faith and trust in government? Fort Knox was audited in 1953 and that's good enough for me. Pussy Galore was the one doing the audit but women can count too and are capable of many an odd job.
this move is further proof that gold is in permanent and severe backwardation........the fiat mammon is dying...but so too is the economy....let it die and rise from the ashes of gold dust...
end the oppressive rape lusting policies of the economic politburo...break the shackles of the fed who rob from pensioners to give to banksters....
I have a loaded gun and a shovel.
I'm not digging unless I want to.
'ceptin if it's a grave or two.
"Why bury em... buzzards and worms gotta eat too" C Eastwood 'The Outlaw Josey Wales'
Never trust a government with your gold (or Silver)!
In the US we once had gold certificates supposedly could be converted back to gold at will. But the government issued lots of unbacked gold certificates and in the late 20's when people began to worry and started redeeming them (because the British had devalued the pound, they worried that the US dollar might also be devalued) it suddenly became illegal to own gold and the gold certificates were replaced by silver certificates which supposedly could be converted to silver at will. In the following decades lots of unbacked silver certificates were issued and in the 60's the silver certificates where replaced by Federal Reserve Notes. (Which can be redeemed for what? More FRNs?).
It happens again and again throughout history, and lots of people fall for it every time. The saying: "There's a sucker born every minute." seems to be massive understatement. There must be at least 1000 suckers born every minute.
"There must be at least 1000 suckers born every minute."
...and if they aren't born the school systems turn them into suckers/zombies...
The existence of the many tens of millions who voted for both the Shrub and Obummer would tend to support your hypothesis.
Never trust a government. PERIOD.
I thought the same thing. Bravo, alien-IQ. "Mother should I trust the government?" Fuck no.
of course mamma gonna help build the wall.
No form of government is immune to assult by the rich, because even if it can't be bought, as in a communist coup, those in power eventually become the rich.
As was put someplace else, "when you're able to trade paper for anything tangible, do it before they change their minds." This was in regards to the silver certificates.
"Never trust a government period"
Sorry, Alien. I did not see your post. Proof that great minds think alike!:)
Kinda like the first amendment's first five words. They should have stopped there. "Congress shall make no law."
"Linda Greenova" funniest thing I've seen today...
never heard of her even in her underwear.
Wall Street Aristocracy Got $1.2 Trillion in Fed’s Secret Loans
http://www.bloomberg.com/news/2011-08-21/wall-street-aristocracy-got-1-2-trillion-in-fed-s-secret-loans.html
PLUS!!!
SEC Covering Up Wall Street Crimes?
http://www.rollingstone.com/politics/news/is-the-sec-covering-up-wall-street-crimes-20110817
1. Inside Obama's bank CEOs meeting - Eamon Javers - POLITICO.com
www.politico.com/news/stories/0409/20871.html - CachedSimilar
You +1'd this publicly. Undo
Apr 3, 2009 – My administration is the only thing between you and the pitchforks...” ... who is standing between WE THE PEOPLE and your administration? ...
?
2. Obama to Bankers: I'm Standing 'Between You and the Pitchforks ...
blogs.abcnews.com/thenote/2009/04/obama-to-banker.html - CachedSimilar
You +1'd this publicly. Undo
Apr 3, 2009 – "My administration is the only thing between you and the pitchforks," the ... Thanks, Mr. President for standing for the American people. Bamster ...
...and another historical ploy pops off the stack.
Vat a deeel Mashalla....
You give me The Barbaric Metal and I give you paper......oi vey Herbie!
LMAO..................................................
BOOOOOOOOOOOOYAAAAAAAAAAAH!
1,000 thanks for reporting this...those sneaky Russkies!
Not forthright and honest like our Bankers, eh.
Who wants to start Gold Bank with me? It's just going to be a simple-ass business model. You give us cash, we spend 50% of it on gold and we guarantee you a yield that is greater than inflation (11-15%) on your checking account. Your cash is always 100% available to you at anytime.
People would flood in like mad.
Why do they let inmates on the Internet. Dammit Bernie, go back to your cell!!!
You are obviously a white Al Qaeda and homegrown terrorist. You will be swat teamed by our constitution loving government. It will a humanitarian visit though and for security reasons, of course.
PT: GW you will probably appreciate this info.
http://www.cnbc.com/id/44287556
Tokyo is definately safe.
I've got loaded guns. Some JD and some JB.
Trade good idea for those here:
The little airplane/mini bar bottles of booze.
Smirnoff is going for ten per ten pack at the local state store, JD about 16 I think it is.
That, and shiney metals are going to get a little pricier in the not so near future.
http://www.youtube.com/watch?v=ok6ljV-WfRw&feature=player_embedded
Hermitage exposes the criminals behind a $230 million tax fraud against the Russian state.
http://www.youtube.com/watch?v=TCg_3d3A5ZA
Breaking news: Here are the first up close HD pictures of the rusty Russian gold St George coins. Mike Maloney speaks with Ivan Zhivneskiy, a precious metals dealer from Russia, about the huge controversy surrounding these investment coins. As you are aware, gold does not rust!
Russian Gold Rusts.. of course they will swap for it! LOL!!
Oh common; don't get all that way about it. It's Russian Gold; it only rusts a little bit around the edges. Nobody's perfect.
If you have handled enough bullion coins you will find dark red "stains" on a few here and there. Bullion at .9999999999999999999 purity is not pure. There will always be some minute amount of "impurities". Notice that the marks are always the same shade of red. If you don't like the stain just heat the coin up with a torch and it will disapear. I don't think the Russian gold dealer has spent enough time in the business to know what he is talking about. Sensational story without base knowledge.
Mike Maloney looked at the coins.. not coin... and Mikey has seen more gold than all of us combined.
This is the end game, value versus paper, and nations such as Russia will be competing with the rest of us for the real wealth. Oh, and Chairman Bernanke’s masters as well.
By delaying the QE decision to September, the Cartel spokesman essentially is saying his policies haven’t worked and his rulers can’t bring themselves to help the economy. Bernanke is backed into a corner and he and his Jackson Holers don’t have the guts to make Wall Street pay the price.
In short, Bernanke doesn’t have an answer if the answer is to give the people their money back, their value back.
Not only does Wall Street want Bernanke to print, they want him to Quantitative Ease without the danger of political fallout. Wall Street rants like Obama – it’s going to happen, it’s going to happen… And, yet, QE’s not going to happen…the way they think.
People are apprehensive and on the verge of blasting the bankers and Wall Street if there is a final taxpayer-robbing stimulus move from the Fed. They’re waiting for QE3… to signal the betrayal...
Wall Street is a closed operation. The rest of the economy is on a different cycle and the people trust neither the bankers nor their paper.
Well, I don't see them doing anything long term to fix things. The only long term action I see is the central banks buying gold and kicking the can.
Today's non announcement buys them time and kicks the can.
No mystery there.
You gotta hand it to the Russians. They always put some transparency in their bullshit by virtue of its obviousness. But, places as desperate as Greece may see gold confiscation as being preferable to national monument confiscation.
Why the term of the loan is 90 days ? Hmmm..... I guess something major may happen in 90 days.
Within 90 days. More like 60 days probably?
Gold $1827.90... Thanks Ben!!! Gold was a winner no matter what word cloud you uttered...
He's getting more like Greenspan every week; He's discovered why nobody could understand what the fuck the old fart was talking about. "If you can't say anything nice, don't say anything at all"; but spend fifteen minutes doing it. He sure as hell isn't going to say anything nice.
"He's getting more like Greenspan every week; He's discovered why nobody could understand what the fuck the old fart was talking about."
Excellent observation...
Bernanke has now found the limits of the Feds control... that is why he is falling into the Greenspanese language. Ben is now feeling the first real fear since taking his job... he knows that we know that he has very little control of the main st economy and that means he can do little to save the pols in the next election... which means his job is up for grabs and he will go down as the biggest loser in Fed history... IF the Fed survives this coming collapse.
He also knows that if he does more for the bankers, which is his primary function, he will be held accountable sooner rather than later... hence no QE 3 announcement today.
ROCK BEN HARD PLACE
This is just a PR release, ignored by the Russian domestic media. I'd be surprised if a single individual in Russia would engage in this transaction at arms length. This PR is as valuable as anything that came out of the Obama/Krony Kapitalist axis recently.
Putin and his minions have been talking gold up for a while and always in the context of anti-U.S. rhetoric. Despite what it might look like from the outside, his situation domestically is always precarious and he does a lot of what he does simply out of his own insecurity.
Sorry, we're going to tangle again.
This time, I'll drop the faux Anonymous lingo if you'll drop the 101 troll manual, deal?
I posted two months ago on the huge surge in gold production that Russia has invested in this year, and the person doing it... is a great friend of Putin. [Need links? Well, bad luck do a grep or your own research - but look back to August 10-15th for the public released figures - something like $900 million up to August from $300 million prior year, from memory]. Fact is that gold production, and raising the amount produced was a clear policy decision last year - and this year, they're seeing the benefits. Russia is producing a lot of gold internally.
Two things:
Putin enjoys rather high public approval ratings, and more importantly, the oligarchs who have sided with Rothchild etc over 'Mother Russia' are an easy scape goat for vilification. Poor Russians are getting a little bored of the people owning 80% of all industrial products swanning over to the UK to buy football teams, silly priced apartments and high living [http://www.guardian.co.uk/world/2011/aug/22/russians-bill-sardinia-billi...]. Let's just say - bare chested men can use this - Putin has never been touched by a loss of populism that has affected the globe trotters - he was very careful at this. I'd be interested to know why you imagine that his position is "precarious".
I also posted a while back on the figures for National Banks in Russia - including a BIS member - quite frankly, Russia can see three things: 1) global instability is global (and thus, you might want to reference why Diners Card got the CC deal with Russian banks rather than Visa/Master, especially after wikileaks showed the pressure the USG was providing for them - burn... the deal was "still American, just not total power"); 2) the policy of exporting natural resources to gain foreign currency (and wasted sigh) needs to morph into an internal development program, but is still seen as a way to leverage power within Europe [follow nat. gas prices for the machinations of this] and 3) Internally, Russia is falling apart - in terms of infrastructure, policy and crime.
And you're wrong about the exchange patterns - Russians have always kept tangible assets in gold [teeth, jewelry, etc] and the huge hikes in prices are tempting them - this is more than likely an acknowledgment of this, and attempt to keep tangible assets within the country.
And, whoever the muppet was who likened this to "cash for gold" scams [Glen Beck, UK companies] needs an education - the Russian peasant has more experience with hiding assets from the state, and not getting ripped off by shysters than gullible westerners.
Excellent post.
It’s interesting that most socialist theory is based on the desire to transfer wealth to a tiny minority of the financial elite. In Russia, that tiny elite is powerful
And it’s no secret that Russia has had its difficult problems with a shadow government of banker-industrialists oligarchs, such as Russian/Jewish oligarch Oleg Deripaska upon whose vast interests in aluminum, autos, pulp, cement, power generation one in every 100 Russians is economically reliant. This tiny group is continually pushing for a financial monopoly of the world.
Few national leaders have taken as strong a position against these assaults as Vladimir Putin. Say what you will, Alexander Solzhenitsyn, who revealed how communism devastated Russia and who was disgracefully snubbed by Washington, actively supported Putin’s assertive foreign policy. On June 5, 2007, Putin signed a decree conferring the State Prize of the Russian Federation for the humanitarian work of Solzhenitsyn and personally visited him in his home to give him the award. A fitting tribute before his death.
“Communism was solely the invention of the Jews.” — Sir Winston Churchill London Illustrated Herald
(February 8, 1920)
The miners are being paid; they have excellent health care, the mining operations can take their pick of healthy, smart, motivated workers. They're investing in latest generation mining machinery. They have LARGE RESERVES. This is not your dad's Russia; I think we're going to see some real production surprises in the next couple of yeaars.
References to my father will probably result in Star Wars pictures being posted. Unless you know me, which would be odd.
My references were to: http://en.wikipedia.org/wiki/Mikhail_Khodorkovsky -- international finance vrs Putin is something being played out in the open after all.
I would love nothing more than Russia to be moved into a productive, more equal and better for the citizenry model (having the average mortality age at 52 for males is a huge waste). The question over whether it is doable, and which 'side' is better at doing it (internalised government or international business investment both have massive flaws, and both seem to me at the moment to have both utterly failed during the 90'/00's) wasn't one I was going to argue over.
However:
1) You're probably correct about labour - but worker's benefits are comparative to their fellows, nothing more (i.e. the old hoary chestnut of 'is paying someone $1 a day great when the average salary is $0.50' game. Note: I'm not naive enough to trust in 'trickle down'). Personally, I view the entire model of 'extremely educated ex-Communist workers coming to the west and working in factories' as a large waste of raw talent. In the short term, you might get more profits, but you're wasting the opportunity of a life time. I'm looking at Hersheys as the extreme end of fucking stupidity here [http://usas.org/2011/08/18/factory-sit-in-hersheys-exploits-student-gues...] - taking people smart enough & focused enough to apply, only to be used as disposable bodies is both a PR and Resource fuck up of monumental degrees. If you need zombie labour, don't take the non-zombies to do it. If shareholders in Hersheys had any sense, they'd be demanding firing the top management. How's about taking them in at middle level, then using them to bridge back into their home countries for a franchise / local knowledge / growth potential? Oh, I forgot, race to the bottom. I digress.
2) I don't doubt that Russia is slumbering at the moment; forging a new dynamic will be (to those involved) extremely exciting - however, I don't doubt that it might require the older generation to die off first. Jumping the model into a post-consumerist (post communist to post consumerist, punworthy) energetic style could work, but is probably doubtful.
the world going nuts at record speed, wow, what a mometum!
Doug Noland says the Russians and everybody else have been lapping up Uncle Gorilla Notes hand over fist.
At a much faster pace than they have been accumulating gold.
Global central bank "international reserve assets" (excluding gold) - as tallied by Bloomberg –
were up $1,589,000,000,000 y-o-y, or 18.6% to a world record $10,136,000,000,000. Over two years, reserves were $3,047,000,000,000 higher, for 43% growth.
Of course they are. The gold market is simply not large enough to accomodate placement of their reserves.
This is only because the dollar was pegged as the reserve currency, and oligarchs were doing international deals in a currency that was fluid, easily moved and more importantly - not locked into their domestic policies. This has been the case since the crash of the 90's so.. kinda missing your relevance.
Since we're looking at huge doubts over the dollar being reserve, you might want to look into where those Russian energy dollars are being invested. Hint: Not America. [Glencore, I seem to remember got a decent wedge]. Oh, and there was that N. Korea bribe recently... want to throw out an opinion on that deal?
it is 12:30 AM here and I am laughing like a maniac. Dude, that Greenova is just over the top.
Wait a minute. Sounds to me like the Russians are just giving folks a great way to buy gold on margin. Just take some of their paper, buy a few thousand ounces, and ride the wave up. If you don't wait too long, you can probably even get your gold back and pocket a nice profit since they won't want to ruin the ponzi too soon. And if you don't get it back? So what. It was their paper funding to begin with.
Already, a work around.
Or is this a reach around?
+
The phrase "Possession is nine tenths of the law" does not apply to gold. In the case of gold, “Possession is 100% of everything else.”
"Linda Greenova" ... funniest line of the day!
In Soviet Russia , Linda Greenova signs you!
Pladizow - bring 'em back, those were the Mona Lisa of breasts, a breast of fresh air amongst the shit we are up to our chins in...
I would not get excited yet!
We have been researching the Russian Imperial Bonds that were backed by Gold which was deposited and stored in various banks in US, Japan and Europe.
Interestingly, these Gold-bars-backed imperial bonds last traded on Euronext as late as 2007 then one day disappered from the Bourse quotations without any announcements. When the Soviet government repudiated on the debt the markets still traded it: www.rmsrepublic.com/reference/repudiation_paper.pdf
I have bought hundreds of such bonds (spent $3,000) that are theoretically worth ~$811m in Gold if the Russian government ever settles:
Accum. Value including FV and unpaid coupon then compounded interest to date in Gold (oz) is 453,876.46 oz Val @$USD/oz1786.4 or $810,804,906.63
So, what next? When will they pay me? Or shall I attempt to get via Barings/ING (their ISSUER stamps are on many bonds) or Credit Lyonnais (the Seller), or Bank of Tokyo Mitsubishi (who apparently hold "my missing gold").
Now, it could be a round two - you give the money and they tell you that "Yes, we will pay in GOLD unless we change our mind".http://news.scotsman.com/world/Russia-raises-the-stakes-in.2525083.jp
SUPPORTING INFO
Imperial debt brings Russia's credit rating to DEFAULT http://www.bne.eu/story1242 If this happends, the current Russian law says that corporations cannot have a credit rating higher than sovereign debt, so all corporate paper would have to be default also.
Do French banks owe money for these imperial bonds? http://ladetterusse.canalblog.com/archives/2008/04/index.html
Germany settled it's 132 billion gold marks debt for WWI as late as 4 October 2010 after 92 years since the Versales agreement http://www.telegraph.co.uk/news/worldnews/europe/germany/8029948/First-World-War-officially-ends.html This treaty was effecting Russian bonds - Russia agreed to pay reparations to the Central Powers when Russia exited the war in the Treaty of Brest-Litovsk (which was repudiated.
Official petition (n0 1143/2008) to EU Parliament - see point 11 http://www.europarl.europa.eu/meetdocs/2009_2014/organes/peti/peti_20100322_1500.htm
French holders claims http://ladetterusse.canalblog.com/archives/2008/04/24/4360504.html
Last time traded on French Stock Exchange (Euronext now) in 2007 then disappeared www.rferl.org/content/article/1082294.html
Imperial debt is now over EUR100 Billion www.law.harvard.edu/programs/about/pifs/llm/sp26.pdf
Investors hoping http://129.3.20.41/eps/eh/papers/0409/0409002.pdf
AFPER claims http://www.sptimes.ru/index.php?action_id=2&story_id=10481
Putin settles some imperial debt http://eng.maidanua.org/node/849
War agreement http://www.archive.org/stream/cu31924027837396/cu31924027837396_djvu.txt
Rusian gold in Japan banks http://www.inauka.ru/english/article47536/print.html
Cont'd http://www.nhcommentary.com/portsmouthtreaty.html
Russia claims gold from theTokyo-Mitsubishi bank http://www.network54.com/Forum/155335/thread/1096069615/last-1096069615/Russia+raises+the+stakes+in+quest+for+Tsar's+gold
Cathedral in Nice to be siezed by imperial bond holders http://www.blogs.fr2day.com/?p=1673
US holders suing USSR http://www.leagle.com/xmlResult.aspx?page=3&xmldoc=1987988665FSupp323_1945.xml&docbase=CSLWAR2-1986-2006&SizeDisp=7
United-States-v-PINK http://www.lawnix.com/cases/us-pink.html
United-States-v-Belmont http://law.jrank.org/pages/13507/United-States-v-Belmont.html
The Roosevelt-Litvinov agreements including settlements of Imperial debts
http://books.google.com.au/books?id=HDdtv2CBnIcC&lpg=PP2&ots=zJbxWBOw9M&dq=The%20Roosevelt-Litvinov%20agreements&pg=PR7#v=onepage&q&f=false
Do you think AFPER's reguest to S&P to lower Russian sovereign debt is noise or am I dreaming? If Russia does receive the gold from Mitsubishi bank, how likley will they pay private holders knowing the maximum that they paid the French Government in 1997 was just $400m?
Or could this debt be technically claimed against the underwriting banks and issuers or against imperial stock investments like equity in Rio-Tinto (also issued by JPM and Rothschilds)?
I have tons of research and have an optiuon to buy 2000 more bonds from a French investor with a potential accum. value of $6bln (unpaid interest to date + FV) in today's gold.
What do you think? Shall I buy and HOPE to still be paid eventually?
Rothschild, Credit Lyonnais, JP Morgan and Barings (ING) provided the paper after the Russian Imperial government deposited real gold in their accounts.
Recently, Russian Treasury was seeking a return of the imperial gold from Tokyo
Hmm
http://www.reuters.com/article/2011/08/15/us-phantom-bond-idUSTRE77E1ST2...
WHERES MY FUCKING $300 CORRECTION IN GOLD?
So far my $10k in PMs that I want to buy is $500 more expensive than 3 days ago. :(
Russia sucks.
It will always suck.
That is all.
PS. Hey ZH, either ban me, or quit kicking me out you half-assed mother fuckers.