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The European Ponzi Scheme, the Euro and Gold


YouKnowWhatIMeanLike

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several commentators [1] [2] [3] have described the Euro in recent times as a European ponzi scheme. Any fiat currency is based on government based debt and comparing the Euro with a ponzi scheme isn't entirely of the mark. But that's the same case with any of the other paper based currencies. Is the combination of a fiat currency with fractional-reserve banking the the real straw that breaks the camel's back?

And now the Bundesbank is repatriating its Gold from the New York Fed, is there something big in the making?
 
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statsman

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Another Zerohedge doomporn moment. What's due to happen 'in a matter of days' this time?
 

statsman

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Incorrect.
There are several specialist financial websites that have been discussing this same issue for months now at this point.
But it's only real when Zerohedge wet their pants over it.
 

gerhard dengler

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several commentators [1] [2] [3] have described the Euro in recent times as a European ponzi scheme. Any fiat currency is based on government based debt and comparing the Euro with a ponzi scheme isn't entirely of the mark. But that's the case with any of the other paper based currencies. Is the combination of a fiat currency with fractional-reserve banking the the real straw that breaks the camel's back?

And now the Bundesbank is repatriating its Gold from the New York Fed, is there something big in the making?
The Bundestag has been discussing the issue of the audit of German Gold Reserves (GGR) being held and audited at the New York Federal holding centre.
(New York, for a fee, stores a lot of expatriate gold reserves for governments worldwide).

The Bundestag discussed the problem of audits of the gold reserves and the inability of auditors to physically verify the holdings held.
Bundestag auditors were allowed to see the gold but they were prohibited for security reasons from physically accessing the gold held in New York.

If I'm not mistaken Britain insisted on the return of some of her reserves from New York in the recent past too.
 

gerhard dengler

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From 7th November 2012.
For years I have cautioned that changes in the ownership of gold held in the vaults of key central banks around the globe may not have been accurately reported. A report issued last month in Germany has once again brought these issues to the fore. In today's environment of rampant money creation and questioning of central bank activities, such uncertainty is bound to spark the curiosity of an increasing number of investors.

Since the depths of the 2008 financial crisis, central banks around the world have increased their gold holdings. As of January of this year, the International Monetary Fund estimated that official reserves had hit a six year high. Most of this growth has come from emerging and developing nations who are estimated to have swollen their gold reserves 25% by weight since 2008. Just a few years ago, India purchased 200 tonnes on offer by the IMF.

This increase may surprise those who have been led to believe that central banks do not traditionally accumulate gold during recessions. The fact that they are doing so could carry an important message for private investors.

ctd...
Report Raises Questions About Central Bank Gold Holdings | Euro Pacific Capital
 
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Ribeye

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What's the big deal?

It's only Gold, it's not like it's "da monies" or anything,

Central Banks only keep it in the vaults because of tradition anyway,
 

Ribeye

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And I don't know what the Germans are so worried about anyway, it's not like the gold is missing or something,

When the NY Fed got flooded during Hurricane Sandy, all the gold bars could be seen quite clearly through the windows floating around the building,
 

YouKnowWhatIMeanLike

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The Bundestag has been discussing the issue of the audit of German Gold Reserves (GGR) being held and audited at the New York Federal holding centre.
(New York, for a fee, stores a lot of expatriate gold reserves for governments worldwide).

The Bundestag discussed the problem of audits of the gold reserves and the inability of auditors to physically verify the holdings held.
Bundestag auditors were allowed to see the gold but they were prohibited for security reasons from physically accessing the gold held in New York.

If I'm not mistaken Britain insisted on the return of some of her reserves from New York in the recent past too.
if you read the article they also state that Germany will pull its entire Gold reserves from Paris (Banque de France) as well. there is definitely something bubbling under the surface.
 

LamportsEdge

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Perhaps they are suspicious that all that glisters may not be gold. Funny if the basis of safest place to be when the financial system places its breasts in the upward position turned out to be spraypainted blocks of wood with lead weighting.
 

gerhard dengler

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if you read the article they also state that Germany will pull its entire Gold reserves from Paris (Banque de France) as well. there is definitely something bubbling under the surface.
You could well be correct, YKWIML.

This might be of interest.

This is the Bundesbank statement issued in late October 2012 in which the Bundesbank make some interesting data available while speaking glowingly about the storage facilities in New York and other locations

Deutsche Bundesbank - Interviews - Gold reserves stored securely
 

YouKnowWhatIMeanLike

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You could well be correct, YKWIML.

This might be of interest.

This is the Bundesbank statement issued in late October 2012 in which the Bundesbank make some interesting data available while speaking glowingly about the storage facilities in New York and other locations

Deutsche Bundesbank - Interviews - Gold reserves stored securely
with more than $5000bn in debt the 3400 tonnes of Gold will come in only at around $200bn for Germany. the future for Germany in the euro looks bleaker by the day, who going to bail them out?
 

LamportsEdge

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Michael Noonan by the looks of things. Imagine how good it will be for 'our' reputation for Michael to be able to use Irish taxpayers to bail out Germany.

Sure we'd be on the bratwurst's back. Say 'ja' for yobs.
 

gerhard dengler

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with more than $5000bn in debt the 3400 tonnes of Gold will come in only at around $200bn for Germany. the future for Germany in the euro looks bleaker by the day, who going to bail them out?
Despite the current European woes, Gerrmany still managed to grow by 0.7% throughout 2012.
 

Cassandra Syndrome

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Dublin 4

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No German worth their salt would pull Gold outta Europe :lol:

 

YouKnowWhatIMeanLike

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Michael Noonan by the looks of things. Imagine how good it will be for 'our' reputation for Michael to be able to use Irish taxpayers to bail out Germany.

Sure we'd be on the bratwurst's back. Say 'ja' for yobs.
if you were to believe Vincent Browne (29:50) Ireland hasn't paid back any of its borrowings yet but only borrowed more. As mentioned a few month ago the best time to default is on the day the troika releases the last tranche for Ireland. it will be like the biggest bank robbery in history ever, even bigger than the bank guarantee ;)
 
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