THE GERMAN GOLD PROBLEMS
CONTINUE: NEW QUESTIONS, NEW OBFUSCATIONS http://gizadeathstar.com/2012/11/the-german-gold-problems-continue-new-questions-new-obfuscations/
In
spite of assurances from the Bundesbank to the Federal Reserve that the
gold audit questions Germans and the German government are raising will
eventually go away, it doesn’t look that that will be happening any time soon,
as new questions continue to be asked on the internet. Here, for example, are
two crucial articles, and they deserve a very close look and analysis. Indeed,
in the latter article – long but crucial – there is a detail that connects a
great many dots, if you know what dots there are:
Let’s
begin with a few quotation from the first article and note what they mean:
“1.
Thiele says:
“By 1956, the gold
reserves had risen to DM 6.2 billion, or 1,328 tonnes; upon its foundation in
1957, the Bundesbank took over these reserves. No further gold was added until
the 1970s”
“This
is factually incorrect. From a documented source such as Timothy Green’s
gold reserves report from 1999 (source), we find that German gold reserves were 1,328 tonnes in 1956 and
contined to rise every year until 1969 when they hit 4034 tonnes, an
increase of 200% since 1956! Offical German gold in 1970 was 3,537 tonnes
and declined to 2,963 by 1979. Since then it has increased by just 400
tonnes.”
In other words, Thiele is confirming – from the mouth of a central
banker – that theme which i have hypothesized here over and over: either the
central banks do not know the actual amount of gold, or those amounts
are being deliberately obfuscated to cover up a massive fraud. This seems to be confirmed by the next
statement:
“2.
Thiele says:
“At the beginning of the
last decade, we brought 930 tonnes of gold to Frankfurt from London and
subjected it to a painstaking inspection. Part of the gold was melted down in
order to create new bars which conform with the “Good Delivery Standard”.
“Fact:
All gold stored at the Bank of England has to be London Good Delivery
Standard. Bars that do not conform are not accepted. That is how the
LBMA system works. There is an accepted refiner list. There would be no need to
melt down anything from the Bank of England unless the Bundesbank had been
duped with coin bars or similar and/or does not have faith in the BOE in the
first place.” (Emphasis in the original)
Bingo!
Ding ding ding ding ding! “Tyler Durden” at Zero Hedge is correct: what
Thiele’s admission in fact means is that the Bundesbank had been
defrauded and that the fraud included the Bank of England as either the
transhipment point, or point of origin. For reasons I won’t get into here, I
believe it to have been the transmission point. I submit that it is right
here that we have the real reason for the concern about the gold
reserves in Germany: someone in the German government – someone perhaps even
familiar with the 1928 story of Hjalmar Schacht – knew of this fraud and
what it portends, and what it portends is nothing less than massive.
Now
let’s turn to the second, and much more lengthy article. And I will simply
present a few quotations, and for your benefit, the ESF refers to Exchange
Stabilization Fund, which is, as the author of this article avers, one of the
smoking guns:
“James
Turk 2001 – This past December in “The Smoking Gun” I provided substantive
proof that the Exchange Stabilization Fund was intervening in the gold market.
From publicly available reports prepared by the Federal Reserve, I established
that the weight of gold held as a component of the US Reserve Assets has been
changing, and that these changes – some of which are of significant size –
result from activity by the ESF. These Federal Reserve reports conclusively
demonstrate that the ESF has been intervening in the gold market since at least
1996.
“Though
these Federal Reserve reports make clear that the ESF is involved in the gold
market up to its ‘earmarks’, a lot of people remain skeptical. I don’t know why
that is. It is worth noting that many of the most obstinate skeptics who deny
US government involvement in the gold market live overseas and have little, if
any, experience or understanding of the way the US government really works. But
even Americans find it difficult to accept that the US government intervenes in
the gold market. Ironically though, they readily admit that the government
intervenes in the debt markets, foreign currency markets, and according to a
growing number of people, even in the US stock market. It is therefore most
baffling that they do not concede the ESF’s involvement in the gold market.”
Now
consider this:
“CHAIRMAN
GREENSPAN. Could I just formally respond to Governor Lindsey? There is a
question here of whether or not the amount the United States Treasury gives us
has to be appropriated funds, which I think is really where our examination of
the issue has to be. In examining the take-out, we ought to make certain that
we talk to them with respect to the question of what happens if they do not get
the appropriated funds.
“MR.
TRUMAN. Mr. Chairman, the Exchange Stabilization Fund does not have
appropriated funds.
CHAIRMAN GREENSPAN. Are we going to be getting a take-out from the Exchange Stabilization Fund?
MR. TRUMAN. I think that is what is in the program.
CHAIRMAN GREENSPAN. Okay.
SPEAKER(?). That is not the same as the Treasury.
MR. TRUMAN. Even if we didn’t, the precedent in the 196Os – I think there was a question then about whether the Treasury could engage in foreign exchange operations outside of the ESF – was the use of Roosa bonds in the 1960s. The Treasury floated Roosa bonds to obtain foreign currencies and used some of those currencies to take us out. That did not involve appropriated funds. That was treated as a debt-management operation.
CHAIRMAN GREENSPAN. Are we going to be getting a take-out from the Exchange Stabilization Fund?
MR. TRUMAN. I think that is what is in the program.
CHAIRMAN GREENSPAN. Okay.
SPEAKER(?). That is not the same as the Treasury.
MR. TRUMAN. Even if we didn’t, the precedent in the 196Os – I think there was a question then about whether the Treasury could engage in foreign exchange operations outside of the ESF – was the use of Roosa bonds in the 1960s. The Treasury floated Roosa bonds to obtain foreign currencies and used some of those currencies to take us out. That did not involve appropriated funds. That was treated as a debt-management operation.
“The
above passage confirms what we already know, but many people refuse to admit.
The ESF is a slush fund beyond Congressional oversight.” (Emphasis added)
Just
in case you want to know, the Exchange Stabilization Fund was established in
1934 as a result of – you guessed it – FDR’s confiscation of US gold, and thus,
as the author correctly deduces, this is a slush fund directly beholden to the
American executive and to the financial oligarchy.
In
short, you’re looking at part of a financial mechanism that is completely off
the books… you’re looking at something that has the potential for massive
fraud, and you’re looking at something that could fund a lot of covert
activity… and indeed, may have been doing so for a very long time…
Read more: THE GERMAN GOLD PROBLEMS CONTINUE: NEW QUESTIONS, NEW OBFUSCATIONS
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