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Saturday, June 7, 2014
Is The Fed's Gold Ponzi Scheme About To Pop?
have been tracking this story closely for the past several years,
once I understood that it is completely possible to fabricate false
gold bars using tungsten blanks covered with a rind of pure gold.
That established the remarkable source of apparent open market gold
during the last decade of the twentieth century.
then any remaining good delivery gold has been shipped to the East
until it too has obviously run out. Thus it is plausible to me that
the USA has only the fake bad delivery bars left. Their unbelievable
behavior certainly supports that.
unbelievable has been the utter silence of USA media on this while
the German world is apparently having a media frenzy over this. This
means quite simply that the problem is been studiously ignored here.
consequences of this will not be as dire as many claim. After all,
Canada sold all its gold a long time ago. Countries simply do not
need gold. Better yet, most gold is mined globally and driving that
sector is very much in Western interests.
US Dollar could
a finger snap under at least one circumstance: if the gold holdings
at the Federal Reserve Bank of New York (NY Fed) are revealed to be
missing. An event last week made that circumstance edge a bit closer.
Austria wants to audit the 150 tons of gold it stores in the UK (some
sources say 280 tons.) According to Austrian Trend magazine,
“there is a rising disbelief among Austrians about the existence of
the bullion is not there, then a flood of audit demands could reveal
empty vaults around the world. But particularly in one place. A
disproportionate percentage of the world's gold reserve is in the
vault of the NY Fed. Or, at least, the physical gold is said to be
there. A recent delivery of repatriated gold to Germany is reason for
BACKDROP OF MIXED AND MISSING GOLD
Federal Reserve website states, “All bars brought into the vault
for deposit are carefully weighed, and the...markings on the bars are
inspected to ensure they agree with the depositor instructions and
recorded in the New York Fed’s records. This step is vital
New York Fed returns the exact bars deposited by the account holder
upon withdrawal—gold deposits are not considered fungible.”
rather, the website used to offer that assurance. A few
months ago, the Fed returned melted and recast bars to Germany,
not the original ones that had been stored. The link to the former
message now leads to "page unavailable.” The page may have
been eliminated due to unwanted attention created by a blogger who
noted the discrepancy in the Fed's policy and what it delivered.
1968 memo discovered and published by the financial iconoclast Zero
Hedge in 2012 explains the need to return the
originally deposited metal.
The memo exposed a conspiracy between the Bank of England and the
Federal Reserve “to
provide the Bundesbank [German central bank] with what both knew was
'bad delivery' gold...amounting to 172 bars.”
The 'bad delivery' consisted of returning gold to Germany that was
below the standard of the gold deposited.
alarm bells are ringing over the possible absence of gold. In 2003,
confidence was shaken by an announcement from the Bank of Portugal.
metric tons of gold -- approximately 70 percent of its gold reserve –
had been lent out or swapped into the market. International banking
analyst James Turk commented in the Free
Gold Money Report,
“[I]n either case...this gold is no longer stored in this central
bank's vault and...no longer available as a monetary reserve.” Yet
the policy of the International Monetary Fund is to count loans and
swaps as reserves. Turk asked, “How can that be?
can the IMF allow gold no longer in the vault to be reported as a
Gold reserves are not audited by objective sources ... when they are
audited at all. Moreover, the IMF needs to prop up confidence in a
shaky web of central banks. To the banks and the IMF, the bookkeeping
is all that really matters. Even the Bundesbank seemed content to
enter numbers into forms and never check on the physical gold in the
NY Fed. That is, the Bundesbank wascontent
until a German federal court ruled that it must conduct annual audits
and inspections of Germany's gold reserves worldwide.
paperwork-fetish of central banks raises another “how?” How many
have assumed the Portuguese position?
in October 2012, Germany announced an intention to
repatriate 300 tons of gold held by the NY Fed by 2020. The deposit
has not been audited since 1979. The German public was clearly
worried about whether there is allocated gold at the NY Fed or
whether Germany is just one of many creditors on a metal statement.
The German people lack confidence in the US. They are skeptical about
the US government and the Federal
Reserve's ability to
protect the value of its own dollar, they look askance at its poor
track record in fiscal and monetary policy, and they doubt that the
Fed has kept proper track of the gold it lends out.
investment advisor site The
Day Trading Academy described
what happened when German accountability met the NY Fed. “The
Federal Reserve Bank of New York...had excuses why representatives
from the Bundesbank would be unable to see German gold.
The response from Germany was not flattering. Accusations of
corruption and dishonesty soon followed. After
a rash of negative international reactions, the Federal Reserve
finally agreed to give back over 600 tons of gold, but insist [sic]
it will take until 2020 to be able to achieve this task.”
Two other German delegations were each shown “one representative
gold bar” and were not allowed to enter the rooms in which the rest
was said to be stored.
January 2014, a year after the original Bundesbank demand, the NY Fed
had returned only 5 tons of the German government's gold. Again, the
bars were not the original ones. German
media ran wild with the allegations that the Fed took so long to
return so little because it has insufficient gold in its vault.
IS THE GOLD?
2012 audit conducted by
the US Inspector General of the Treasury established that 99.98% of
the gold held by the US is housed at the NY Fed.
Germany deposited 1,500 tons of gold there, yet the audit shows the
NY Fed contains 419 tons in total, and that includes coins.
Austria is sending a delegation to audit its gold reserve
at the Bank of England. The metal website The Silver
Doctors asked, “We wonder how soon the central banks of
Switzerland, Italy, Australia, New Zealand, and countless other
Western nations whose gold reserves have been leased, swapped, and
hypothecated to the East over the past decade will realize that the
music is finally ending, and there is more than one chair missing
from this deadly game being played by the Federal Reserve and the
Bank of England.”
is almost certainly a dearth of physical gold in the vaults of either
America, the UK or both. If so, then a run becomes likely because
first-comers stand the best chance of repatriating wealth. Not all
will succeed. The Italian government is the world's third largest
holder of gold, after the US and Germany. The Banca d’Italia
recently revealed that approximately half of its reserves is at the
NY Fed ... or allegedly so. The losses will be huge and
not paper ones.
happens to the US dollar when America's vaults are seen to be as
empty as its promises and moral fiber? It will crash and the
suffering of average people will be terrible. The good news:
privately held gold will soar. And it will be ever more important for
such gold to be just that...held with privacy.
Your Gold Out Of Dodge can
help you today protect your international gold holdings. Still
stacking stateside? Internationalize today and sleep that much
better. The report is available to TDV