The Run On The Fed–Countries Demanding Their Gold Reserves Back–The Currency War Gets Hot–Videos

Posted on February 7, 2013. Filed under: Banking, Blogroll, Communications, Economics, Federal Government Budget, Fiscal Policy, History of Economic Thought, Macroeconomics, Monetary Policy, Money, Public Sector, Tax Policy, Unemployment, Unions, Video, War, Wealth, Wisdom | Tags: , , , |

gold3

GoldBycountry

Germany Repatriates Gold From France and US

James Turk on the Central Bank Gold Heist and Bundesbank Accounting Shenaniga

Bringing in the bullion Germany to repatriate gold from US and France

Germany Moves To Relocate Gold From New York Fed to Bundesbank

Germany Wants Its Gold Back From the Fed

Keiser Report: Welcome Home German Gold (E395)

Is Germany About to Start a Run on Gold Held at the New York Fed?

German lawmakers are to review Bundesbank controls of and management of Germany’s gold reserves. Parliament’s Budget Committee will assess how the central bank manages its inventory of Germany’s gold bullion bars that are believed to be stored not only in Frankfurt, but at locations outside Germany, according to German newspaper Bild.

What’s most interesting about all this is that Germany may follow in Hugo Chavez’s footsteps and repatriate their gold to Germany so as to have direct possession of and ownership of their gold reserves. It’s really the only way to protect a central bank’s gold ownership, since by simply going in and asking the New York Fed to show Germany “their” gold, the Fed can walk them in and show them a pile of gold and tell them that it is theirs. The next day they can walk Chinese officials in and show the Chinese the exact same pile of gold and tell them that the gold is theirs.

Possession is the only sure protection.

Germany’s huge gold reserves – 3,396.3 tonnes of gold are some 73.7% of Germany’s national foreign exchange reserves, and are held not only in Germany but at the New York Fed, in London and in Paris. Dumb.

What kind of pressure will the U.S. put on Germany to prevent them from repatriating their gold? The banksters clearly have German Chancellor Merkel in their pocket, but this is unlikely to be influence that is deep into German political leaders. Thus, a run on gold, started by Germany, is not an impossibility.

In this scenario, the noise you would hear is the spike in gold as Bernanke prints more dollars for open market purchases of gold to fill demand for delivery by various central banks. Yikes.

(ViaJamesMiller)

http://www.economicpolicyjournal.com/2012/03/is-germany-about-to-start-run-on-gold.html

U.S. Dollar Collapse: Where is Germany’s Gold?

By Peter Schiff

The financial world was shocked this month by a demand from Germany’s Bundesbank to repatriate a large portion of its gold reserves held abroad. By 2020, Germany wants 50% of its total gold reserves back in Frankfurt – including 300 tons from the Federal Reserve. The Bundesbank’s announcement comes just three months after the Fed refused to submit to an audit of its holdings on Germany’s behalf. One cannot help but wonder if the refusal triggered the demand.

Either way, Germany appears to be waking up to a reality for which central banks around the world have been preparing: the dollar is no longer the world’s safe-haven asset and the US government is no longer a trustworthy banker for foreign nations. It looks like their fears are well-grounded, given the Fed’s seeming inability to return what is legally Germany’s gold in a timely manner. Germany is a developed and powerful nation with the second largest gold reserves in the world. If they can’t rely on Washington to keep its promises, who can?

Where is Germany’s Gold?

The impact of Germany’s repatriation on the dollar revolves around an unanswered question: why will it take seven years to complete the transfer?

The popular explanation is that the Fed has already rehypothecated all of its gold holdings in the name of other countries. That is, the same mound of bullion is earmarked as collateral for a host of different lenders. Since the Fed depends on a fractional-reserve banking system for its very existence, it would not come as a surprise that it has become a fractional-reserve bank itself. If so, then perhaps Germany politely asked for a seven-year timeline in order to allow the Fed to save face, and to prevent other depositors from clamoring for their own gold back – a ‘run’ on the Fed.

Now, the Fed can always print more dollars and buy gold on the open market to make up for any shortfall, but such a move could substantially increase the price of gold. The last thing the Fed needs is another gold price spike reminding the world of the dollar’s decline.

Speculation Aside

None of these theories are substantiated, but no matter how you slice it, Germany’s request for its gold does not bode well for the future of the dollar. In fact, the Bundesbank’s official statements are all you need to confirm the Germans’ waning faith in the US.

Last October, after the Bundesbank had requested an audit of its Fed holdings, Executive Board Member Carl-Ludwig Thiele was asked in an interview why the bank kept so much of Germany’s gold overseas. His response emphasized the importance of the dollar as the world’s reserve currency:

Thiele’s statement can lead us to only one conclusion: by keeping fewer reserves in the US, Germany foresees less future need for “US dollar-denominated liquidity.””Gold stored in your home safe is not immediately available as collateral in case you need foreign currency. Take, for instance, the key role that the US dollar plays as a reserve currency in the global financial system. The gold held with the New York Fed can, in a crisis, be pledged with the Federal Reserve Bank as collateral against US dollar-denominated liquidity.”

History Repeats

The whole situation mirrors the late 1960s, during a period that led up to the “Nixon Shock.” Back then, the world was on the Bretton Woods System – an attempt on the part of Western central bankers to pin the dollar to gold at a fixed rate, while still allowing the metal to trade privately as a commodity. This led to a gap between the market price of gold as a commodity and the official price available from the Treasury.

As the true value of gold separated further and further from its official rate, the world began to realize the system was unsustainable, and many suspected the US was not serious about maintaining a strong dollar. West Germany moved first on these fears by redeeming its dollar reserves for gold, followed by France, Switzerland, and others. This eventually culminated in Nixon “closing the gold window” in 1971 by ending any link between the dollar and gold. This “Nixon Shock” spurred chronic inflation throughout the ’70s and a concurrent rally in gold.

Perhaps the entire international community is thinking back to the ’60s, because Germany isn’t the only country maneuvering away from the dollar today. The Netherlands and Azerbaijan are also discussing repatriating their foreign gold holdings. And every month, we hear about central banks increasing gold reserves. The latest are Russia and Kazakhstan, but in the last year, countries from Brazil to Turkey have been adding to their gold holdings in order to diversify away from fiat currency reserves.

And don’t forget China. Once the biggest purchaser of US bonds, it is now a net seller of Treasuries, while simultaneously gobbling up gold. Some sources even claim that China has unofficially surpassed Germany as the second largest holder of gold in the world.

Unlike the ’60s, today there is no official gold window to close. There will be no reported “shock” indicator of a dollar flight. This demand by Germany may be the closest indicator we’re going to get. Placing blame where it’s due, let’s call it the “Bernanke Shock.”

It Takes One to Know One

In last month’s Gold Letter, I wrote about the three pillars supporting the US Treasury’s persistently low interest rates: the Fed, domestic investors, and foreign central banks – led by Japan. I examined how Japan’s plans to radically devalue the yen may undermine that country’s ability to continue buying Treasuries, which could cause the other pillars to become unstable as well.

While private investors and even the Fed might be deluding themselves into believing US bonds are still a viable investment, Germany’s repatriation news makes it clear that foreign governments are no longer buying the propaganda. And why should they? If anyone should appreciate the real constraints the US government is facing, it is other governments.

Our sovereign creditors know that Ben Bernanke and Barack Obama are just regular men in fancy suits. They know the Fed isn’t harboring some ingenious plan for raising interest rates while successfully selling back its worthless mortgage and government securities. Instead, the Fed is like a drug addict making any excuse to get its next fix. [See Bernanke's tell-all interview with Oprah where he confesses to economic doping!]

US investors should be as shocked as the Bundesbank about the Fed’s deception. While we cannot redeem our dollars for gold with the Fed, we can still buy gold with them in the open market. As more investors and governments choose to save in precious metals, the dollar’s value will go into steeper and steeper decline – thereby driving more investors into metals. That’s when the virtuous circle upon which the dollar has coasted for a generation will quickly turn vicious.

Peter Schiff is president of Euro Pacific Capital and author of The Little Book of Bull Moves in Bear Markets and Crash Proof: How to Profit from the Coming Economic Collapse. His latest book is The Real Crash: America’s Coming Bankruptcy, How to Save Yourself and Your Country.

http://www.globalresearch.ca/u-s-dollar-collapse-where-is-germanys-gold/5321894

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American and German War Propaganda–War Made Easy In A Warfare and Welfare State–Videos

Posted on March 3, 2012. Filed under: American History, Blogroll, Communications, Diasters, Economics, Energy, European History, Foreign Policy, government spending, history, Language, Law, Life, Links, media, Music, People, Philosophy, Politics, Psychology, Radio, Raves, Video, War, Wealth, Weapons, Wisdom | Tags: , , , , , , , , , , , , , , |

NBC Execs Privately Briefed On War With Iran By General McCaffrey

Iran: ‘Media Chomping at the Bit’

END WAR Gen Clark On Preplanned Wars For Libya, Syria, Iraq, Lebanon, Somalia, Sudan, Iran 

Will Iran Be Attacked? Paul Craig Roberts 1/2 

Will Iran Be Attacked? Paul Craig Roberts 2/2 

War Made Easy: 50 Years of Deception and Media Spin (2007)

The War You Don`t See  [Full Documentary]

Why We Fight Part 1 – “Prelude to War” (1942)

Why We Fight Part 2 – “The Nazis Strike” (1943) 

Why We Fight Part 3 – Divide and Conquer (1943) 

Why We Fight Part 4 – The Battle of Britain (1943) 

Why We Fight Part 5 – The Battle of Russia (1943) 

Why We Fight Part 6 – The Battle of China (1944) 

Why We Fight Part 7 – War Comes to America (1945) 

Here Is Germany: World War 2 Propaganda Documentary Film

Triumph des Willens (1935) – Triumph of the Will 

Stukas (1941) Nazi Propaganda Film 

1941 Nazi Propaganda Film – The Siege of Tobruk

German Propaganda Normandy (1944) 

Background Articles and Videos

Glenn Beck: Edward Bernays and Propaganda 1 of 2

Glenn Beck: Edward Bernays and Propaganda 2 of 2

The Century of the self – 1of4

The Century of the self – 2 of4

The Century of the self - 3 of4

The Century of the self - 4 of4

HITLER IN COLOUR #1

HITLER IN COLOUR #2

HITLER IN COLOUR #3

HITLER IN COLOUR #4

HITLER IN COLOUR #5

HITLER IN COLOUR #6

HITLER IN COLOUR #7

HITLER IN COLOUR #8

HITLER IN COLOUR #9

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Robert Gallately–Lenin, Stalin, and Hitler: The Age of Catastrophe–Videos

Posted on March 5, 2011. Filed under: American History, Blogroll, Books, Communications, Demographics, Economics, European History, history | Tags: , , , , , , , , , , , , , , , , , , |

CrossTalk: Nuremberg Justice

“…Synopsis

This remarkably ambitious book tells the story of the great social and political catastrophe that enveloped Europe between 1914 and 1945. In a period of almost continuous upheaval, society was transformed by two world wars, the Russian Revolution, the Holocaust, and the rise and fall of the Third Reich. Combining a powerful narrative with profound analysis, acclaimed historian Robert Gellately argues that these tragedies are inextricably linked and that to consider them as discrete events is to misunderstand their genesis and character. Central to the catastrophe, of course, were Lenin, Stalin, and Hitler, and this book makes use of recently opened Russian and German sources to explain how these dictators’ pursuit of utopian—and dreadfully flawed—ideals led only to dystopian nightmare.

In a groundbreaking work, Gellately makes clear that most comparative studies of the Soviet and Nazi dictatorships are undermined by neglecting the key importance of Lenin in the unfolding drama. Rejecting the myth of the “good” Lenin, the book provides a convincing social-historical account of all three dictatorships and carefully documents their similarities and differences. It traces the escalation of conflicts between Communism and Nazism, and particularly of the role of Hitler’s anathema against what he called “Jewish Bolshevism.” The book shows how the vicious rivalry between Stalin and Hitler led inescapably to a war of annihilation and genocide. The reverberations of this gargantuan struggle are felt everywhere to this day. …”

http://search.barnesandnoble.com/Lenin-Stalin-and-Hitler/Robert-Gellately/e/9781400032136

Robert Gellately

“…

Backing Hitler also challenges conventional views on the nature of modern dictatorships. Perhaps as a way for us to believe that “it couldn’t happen here,” we have viewed the Holocaust as an atrocity that was the work of a handful of evil men. Gellately, however, presents persuasive evidence that Hitler and the Third Reich were able to build a consensus for their policies.

“They began with small violations of the rights of Jews and other minorities, and then ratcheted up their racism and persecution only when they saw implied consent from the German people.” Gellately says. “Many Germans disapproved of Hitler’s fascism and brutality, at first. But after the long economic depression following the First World War, the German people allowed the thriving economy and return to law and order under Hitler to mute their concerns. People had jobs and the streets were safe. Hitler was managing a fine balance of consent and coercion.”

Gellately has recently published a set of original documents dealing with the 1945-46 Nuremberg trials of war criminals in The Nuremberg Interviews: Profiles of the Leading Nazis, by the Prison Psychiatrist to the Nuremberg Trials (Alfred A. Knopf, 2004). This volume is scheduled to be translated into fourteen languages.

Gellately’s work, many would argue, should be translated into every nation’s language, for his project does more than just apply rigorous scholarship to demystify this period of history. It is a study of the modern human being, what we have done and how we came to do it—and how in understanding our vulnerabilities, we might survive them.

http://www.fsu.edu/profiles/gellately/

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G-20 Summit A Bust–Fed’s Quantitative Easing 2–Devaluing U.S. Dollar To Encourage Exports & Discourage Imports–Not Received Well By G-20 Countries–Videos

Posted on November 14, 2010. Filed under: Banking, Blogroll, Communications, Demographics, Economics, Employment, Federal Government, Fiscal Policy, Foreign Policy, government, government spending, history, Investments, Language, Law, liberty, Life, Links, media, Monetary Policy, Money, People, Philosophy, Politics, Rants, Raves, Security, Taxes, Technology, Video, Wisdom | Tags: , , , , , , , , , , , |

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The Story of the Third Reich–Videos

Posted on September 25, 2010. Filed under: Blogroll, College, Communications, Economics, Education, Federal Government, government, government spending, history, Language, Law, liberty, Life, Links, media, People, Philosophy, Politics, Rants, Raves, Strategy, Taxes, Video, Wisdom | Tags: , , , , , , , |

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Kennedy –”I am a Berliner”–King–”I Have A Dream”–Reagan –”Tear Down This Wall!”–Obama–”I’m Going To Play Some Golf!”

Posted on November 9, 2009. Filed under: Blogroll, Communications, Culture, Foreign Policy, Language, Law, liberty, Life, Links, media, Philosophy, Politics, Quotations, Rants, Raves, Video, Wisdom | Tags: , , , , , , , , |

 
 

  

 

“Where there was once only a dark wall, a door suddenly opened and we all walked through it: onto the streets, into the churches, across the borders.”

“Everyone was given the chance to build something new, to make a difference, to venture a new beginning.” 

~Angela Merkel, German Chancellor from former East Germany

 

Germany Invites Obama to celebrate the fall of the Berlin wall – Obama says “sorry, too busy

 

Kennedy_in_Berlin

Kennedy – I am a Berliner – Ich Bin Ein Berliner

 

MLking

Martin Luther King Jr – I Have a Dream

ReaganBerlinWall

 

Reagan at Brandenburg Gate – “tear down this wall”

obama_golf

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Nov. 9, 1989: The Berlin Wall Falls

http://www.youtube.com/watch?v=jnCPdLlUgvo

 

CBC Archives: Berlin Wall Falls, 1989

Why did President Obama turn down an invitation by German Chancellor Merkle to speak at the twentieth anniversary of the fall of the Berlin Wall?

Simple.

Golf before Germans.

Me before country.

What event will mark the fall of progressive radical socialism in the United States?

President Obama not being relected for a second term as President!

Tea Party Time.

Background Articles and Videos 

Why Obama Won’t Go to Berlin
Obama’s failure to go to Berlin is the most telling nonevent of his presidency.

By Rich Lowry

“…In his first year in office, Barack Obama has visited more foreign countries than any other president. He’s touched ground in 16 countries, easily outpacing Bill Clinton (three) and George W. Bush (eleven). It’s an itinerary befitting a “citizen of the world.”

But there’s one stop Obama won’t make. He has begged off going to Berlin next week to attend ceremonies commemorating the fall of the Berlin Wall. His schedule is reportedly too crowded. John F. Kennedy famously told Berliners, “Ich bin ein Berliner.” On the 20th anniversary of the last century’s most stirring triumph of freedom, Obama is telling them, “Ich bin beschäftigt” — i.e., I’m busy.

It doesn’t have quite the same ring, does it? Obama’s failure to go to Berlin is the most telling nonevent of his presidency. It’s hard to imagine any other American president eschewing the occasion. Only Obama — with his dismissive view of the Cold War as a relic distorting our thinking and his attenuated commitment to America’s exceptional role in the world — would spurn German chancellor Angela Merkel’s invitation to attend. …”

http://article.nationalreview.com/?q=YzIzYWM4MWRmNTE1NzQ4MGY5ODE0MGRjMmIwYjdmMmQ=#more

 

Fall fo the Berlin Wall remembered in Berlin on the 20th anniversary of the end of European Communism

Deborah Cole

“…German Chancellor Angela Merkel, who will also host leaders including Russian President Dmitry Medvedev, British Prime Minister Gordon Brown and French President Nicolas Sarkozy, recalled that the end of Europe’s postwar division came as an utter surprise.

“The 20th anniversary of the fall of the Wall should remind us all what incredible luck we had with the reunification of Europe and Germany,” Ms Merkel, who grew up in communist East Germany, told the Bild newspaper in an interview to be published tomorrow.

On the night of November 9, 1989, following weeks of pro-democracy protests, the Stalinist state’s authorities suddenly opened the border.

After 28 years as prisoners of their own country, euphoric East Germans streamed to checkpoints and rushed past bewildered guards, many falling tearfully into the arms of West Germans welcoming them on the other side.

Germans were already out in force along the former route of the barrier which had cleaved the city in half, inspecting 1000 giant dominoes that will be toppled as part of the ceremony. …”

http://www.news.com.au/adelaidenow/story/0,22606,26323501-663,00.html 

 

The Berlin Wall

“…The Berlin Wall (German: Berliner Mauer) was a concrete barrier erected by the German Democratic Republic (GDR) (East Germany) that completely encircled the city of West Berlin, separating it from East Germany, including East Berlin. The Wall included guard towers placed along large concrete walls, which circumscribed a wide area (later known as the “death strip”) that contained anti-vehicle trenches, “fakir beds” and other defenses.

The separate and much longer inner German Border (the IGB) demarcated the border between East and West Germany. Both borders came to symbolize the Iron Curtain between Western Europe and the Eastern Bloc.

Prior to the Wall’s erection, 3.5 million East Germans had avoided Eastern Bloc emigration restrictions and escaped into West Germany, many over the border between East and West Berlin. During its existence from 1961 to 1989, the Wall stopped almost all such emigration and separated the GDR from West Berlin for more than a quarter of a century.[1] After its erection, around 5,000 people attempted to escape over the wall, with estimates of the resulting death toll varying between around 100 and 200.

During a revolutionary wave sweeping across the Eastern Bloc, the East German government announced on November 9, 1989, after several weeks of civil unrest, that all GDR citizens could visit West Germany and West Berlin. Crowds of East Germans climbed onto and crossed the wall, joined by West Germans on the other side in a celebratory atmosphere. Over the next few weeks, parts of the wall were chipped away by a euphoric public and by souvenir hunters; industrial equipment was later used to remove almost all of the rest. The fall of the Berlin Wall paved the way for German reunification, which was formally concluded on October 3, 1990. …”

http://en.wikipedia.org/wiki/Berlin_Wall

 

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