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“This sends a message about storing gold near you and taking delivery no matter who is holding it. When France did this years ago it sent panic amongst the US financial leadership. History will look back on this salvo as being the beginning of the end of the US dollar as the reserve currency of choice,” said Jim Sinclair, experienced gold trader. Cited from: www.gobankingrates.com...
The two-stage theory (or stagism) is the Marxist political theory which argues that underdeveloped countries, such as Tsarist Russia, must first pass through a stage of bourgeois democracy before moving to a socialist stage. The two stage theory was applied to countries worldwide which had not passed through the capitalist stage.
Originally posted by tgidkp
I cannot tell based on your op what your position is on the matter. but I will state my own.
good. thank god. bring it down.
socialism, as a pure ideology, is not inherently evil. in fact, to the contrary, it has a far better potential to good than capitalism. the pendulum has swung too far in the current direction and IMO, as a society, we are desparate for this type of change.
but the fear mongers will trounce all over whatever potential there might be. alas.
Germany is taking 11% of it's gold from Paris and 8% of it's gold from New York. That's less than 18% of the gold it has in New York.
Currently, Germany’s gold reserves are allocated as follows:
•New York: 45%
The United States holds most of Germany’s gold reserves, but by 2020, Germany expects to hold 50 percent of its gold in Frankfurt, while only 37 percent remains in the New York Federal Reserve Bank. London will retain its 13 percent hold of gold reserves, while Paris will be left with none.
Overall, financial analysts agree that confidence has dropped across the entire financial system — whether in the euro zone, dollar zone or yen zone. However, whether the decision to repatriate Germany’s gold reserves has a significantly negative impact on the U.S. economy is still a matter of debate.
The article is saying that Jim Sinclair thinks it's serious and others don't.
There is much speculation about the long-term implications of such a transfer.
The German court of auditors (Bundesrechnungshof) has demanded that the Bundesbank undertake an audit of its gold reserves. In an 'audit-the-fed' style effort, the court wants to ensure that the nearly 3400 tons of gold is in fact in existence - 'because stocks have never been checked for authenticity and weight'. Furthermore, the Bundesbank's gold is stored in three other vaults around the world: The Bank of England, The Bank of France, and the US Federal Reserve. The court questions the practice of relying on a written confirmation from the custodians (foreign central banks). The decision means negotiating with the three foreign central banks for physical verification but in anticipation, the Bundesbank has begun the process of shipping 50 tons per year from the Fed back to Germany for the next three years.
Germany has the second largest gold reserves in the world, nearly 3400 tons. Supposedly, anyway. Because stocks have never been checked for authenticity and weight. Now, the Federal Court has asked the Bundesbank to examine the gold reserves abroad regularly.
Originally posted by kwakakev
As congress continues to play games and thinks that global reserve currency means indestructible instead of responsible, either it gets its accounts in order or these accounts will become worthless.
“The problem is the amount of debt itself. The problem is so big at this point, I think it’s very questionable whether this can be solved at all.” -Doug Casey
Two former U.S. government officials put the federal government’s actual liabilities in excess of $86.8 trillion, or 550% of GDP, in a Wall Street Journal Op-Ed. Casey argues we’re talking of upwards of $100 trillion when you also factor in the liability of promises such as FDIC deposit insurance.
Secret negotiations, meanwhile, continue to remove the US dollar from Federal Reserve Board control and into the hands of the 180 nation BRICS coalition. Despite attempts by cabalists to derail these talks, they are proceeding smoothly.
I'm not sure where these ideas come from.
At this point the US does not make enough money to pay even half of the interest on their loans. Even if the US stopped paying social security benefits, funding medicare and the military their debt would continue to increase because they still couldn't afford to payoff just the interest.